Problem 17-13 Procedures associated with a rights offering LO3 Computer Graphics has announced a rights offering for its shareholders. Carol Stevens owns 1,400 shares of Computer Graphics stock. Four rights plus $54 cash are needed to buy one of the new shares. The stock is currently selling for $66 rights-on a. What is the value of a right? (Do not round intermediate calculations. Round your answer to 2 decimal places.) b-1. How many of the new shares could Carol buy if she exercised all her rights? (Do not round intermediate calculations. Round your answer down to the nearest whole number.) b-2. How much cash would this require? (Round down the number of shares to the nearest whole number and round your answer to the nearest whole dollar.) Input variables: Shareholder's shares Number of rights needed Subscription price Rights-on price 1,400 shares 4 rights $54 $66 Solution and Explanation N+1 Value of right b-1 Number of new shares that can be acquired shares b-2. Cash required