The market price of the common stock of PQR Inc. is $70 per share. There are 2,000 shares outstanding PQR is considering a preemptive rights offering. Each current shareholder will get one right for every two shares owned. With each right and a $40 payment a new share can be purchased. Assume all the rights are exercised. What will be the price per share of PQR after the exercise of the preemptive rights