The b3 Milk Company Limited is looking to expand and is contemplating a renounceable rights issue. There are currently 2 million shares outstanding with a market value of $60 each. b3 Milk needs to raise $24 million and wants you to design a rights issue that will allow the new share price to be no lower than $55 and for there to be no more than 2.5 million shares outstanding after the issue. Calculate: a. how many shares must be held to obtain the right to one new share b. the theoretical ex-rights price of the new share? c. The value of each right