XYZ Corporation needs to raise additional capital and is considering a rights issue to raise $2 million. There are currently 1,080,000 shares on issue, trading at $15.68. The company plans to increase the total number of shares on issue to 1,400,000. Calculate the theoretical ex-rights price and the value of a right.

1. $ 4.38, $3.38
2. $ 6.25, $7.27
3. $13.52, $7.27
4. $13.52, $2.16
5. $18.25, $2.85