Explain what is the total amount of new money raised

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Reference no: EM1358326

Pandora, Inc., makes a rights issue at a subscription price of $8 a share. One new share can be purchased for every five shares held. Before the issue there were 13 million shares outstanding and the share price was $11.

a. What is the total amount of new money raised? (Enter your answer in millions rounded to 1 decimal place.)
b. What is the expected stock price after the rights are issued?

Reference no: EM1358326

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