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Yonkers Ltd. is issuing 500,000 new shares in a rights offer. The company wants to ensure that the ex-rights share price is $60. Before the

Yonkers Ltd. is issuing 500,000 new shares in a rights offer. The company wants to ensure that the ex-rights share price is $60. Before the rights offer, the company has two million shares outstanding. If the rights were each priced at $10, what is the subscription price?

Select one:

a. $15

b. $20

c. $25

d. $30

e. $35

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