The Clifford Corporation has announced a rights offer to raise $$22$ million for a new

journal, the Journal of Financial Excess. This journal will review potential articles after the

author pays a nonrefundable reviewing fee of $$6,000$ per page. The stock currently sells

for $$60$ per share, and there are $1\mathrm{.}1$ million shares outstanding.

a$.$ What is the maximum possible subscription price? What is the minimum? $($Leave no

cells blank $-$ be certain to enter $"0"$ wherever required.$)$

b$.$ If the subscription price is set at $$55$ per share, how many shares must be sold? How

many rights will it take to buy one share? $($Do not round intermediate calculations

and round your rights needed answer to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$

c$.$ What is the ex$-$rights price? What is the value of a right? $($Do not round intermediate

calculations and round your answers to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$

d$.$ A shareholder with $1,000$ shares before the offering has no desire $($or money$)$ to buy

additional shares offered as rights. What is his portfolio value before and after the

rights offer? $($Do not round intermediate calculations and round your answers to

nearest whole number, e$.$g$.,32.)$