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TES, Inc. currently has 700,000 shares of stock outstanding at a market price of $35 a share. The company wants to raise $3 million in

TES, Inc. currently has 700,000 shares of stock outstanding at a market price of $35 a share. The company wants to raise $3 million in a rights offering. The subscription price is $30 a share. One right will be granted for every share of outstanding stock. What is the value of one right?

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