Tiger City Company plans to sell an additional 3 million shares of common stock through a rights offerine The company curnenely hus as million shares outstanding. Each shareholder will receive one right for each share currently held. Therefore, each risht will ensile shareholders to purchase 0.0667 shares. Tiger City's common stock is currently selling for $38 per share, and the subscription srice of the rights will be $35 per share. Calculate the formula value of the right for the rights-on case