Scotch Spirit currently has 60 million shares of stock outstanding at a price of $40 per share. The company would like to raise money and has announced a rights issue. Every existing shareholder will be sent one right per share of stock that he or she owns. They plan to require 3 rights and $30 to purchase one new share.

1. Assuming the rights issue is fully subscribed, how much money will it raise?
2. What will the share price be after the rights issue?
3. How much is each right worth?