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Redirect Energy Corporation has issued rights to its shareholders. The subscription price is $ 7 8 , and four rights are needed along with the

Redirect Energy Corporation has issued rights to its shareholders. The subscription price is $78, and four rights are needed along with the subscription price to buy one of the new shares. The stock is selling for $97 rights-on.
a. What would be the value of one right? (Round the final answer to 2 decimal places.)
Value of one right $
b. If the stock goes ex-rights, what would the new stock price be?(Do not round intermediate calculations. Round the final answer to 2 decimal places.)
New stock price
$
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