The Clifford Corporation has announced a rights offer to raise$15 million for a new journal, the Journal of Financial Excess.This journal will review potential articles after the author pays anonrefundable reviewing fee of $4,000 per page. The stock currentlysells for $32 per share, and there are 2.7 million sharesoutstanding.

a. What is the maximum possible subscription price? What is theminimum? (Leave no cells blank - be certain to enter \"0\" whereverrequired.)

b. If the subscription price is set at $24 per share, how manyshares must be sold? How many rights will it take to buy one share?(Do not round intermediate calculations. Round your rights neededanswer to 2 decimal places, e.g., 32.16.)

c. What is the ex-rights price? What is the value of a right?(Do not round intermediate calculations and round your answers to 2decimal places, e.g., 32.16.)

d. A shareholder with 2,000 shares before the offering has nodesire (or money) to buy additional shares offered as rights. Whatis his portfolio value before and after the rights offer? (Do notround intermediate calculations and round your answers to nearestwhole number, e.g., 32.)

a.The maximum possible subscription price is-

The minimum possible suscription price-

b.Number of new shares-

Number of rights needed-

c.Ex-rights price-

Value of a right-

d.Portfolio value before rights-

Portfolio value after rights-