Raggio, Inc., has 120,000 shares of stock outstanding. Each share is worth $69, so the companys market value of equity is $8,280,000. Suppose the firm issues 21,000 new shares at the following prices: $69, $66, and $61.

What will be the ex-rights price andthe effect of each of these alternative offering prices on the existing price per share?(Leave no cells blank; if there is no effect select "No change" from the dropdown and enter "0". Do not round intermediate calculations. Round your answers to 2 decimal places (e.g., 32.16).)

		Price Ex Rights	Effect	Amount
a.	$69	$	(Click to select)No changePrice rises byPrice drops by	$	per share
b.	$66	$	(Click to select)Price drops byNo changePrice rises by	$	per share
c.	$61	$	(Click to select)Price drops byNo changePrice rises by	$	per share