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A company’s stock currently sells for $87 per share. Last week the firm issued rights to...

A company’s stock currently sells for $87 per share. Last week the firm issued rights to raise new equity. To purchase a new share, a stockholder must remit $28 and 3 rights.

  

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

   

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