TOYSrYOU plans to raise $8 million in a rights offering. If management sets the subscription price at $2 per share and the current market price is $2.50 per share, how many shares need to be sold in the rights offering?
A) 1,000,000
B) 1,666,667
C) 2,800,000
D) 3,200,000
E) 4,000,000
Correct Answer:
Verified
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