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Delovely Productions Limited wants to raise $44 million for shows. A rights offering will be...

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Accounting

Delovely Productions Limited wants to raise $44 million for shows. A rights offering will be used to raise the necessary capital from existing shareholders. Each of the six million shareholders will receive one right. The subscription price is $22 per share, and the market price of the existing shares is currently $24. Calculate the value of a right at the present time. (Do not round intermediate calculations. Round the final answer to 2 decimal places.)

Right value $

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