$(23)$ Mulligan's Manufacturing $($MM$)$ is considering raising money through a rights offering. MM currently has $10$ million shares outstanding selling for $$20$ per share. Current shareholders will receive one right per share. Five rights are required to buy one share for $$15.$ Will the rights be exercised? How much money will MM raise if all rights are exercised? What is the intrinsic value of a right $($expected selling price for a single right$)?$