Problem 20-18 Valuing a Right Mitsi Inventory Systems, Inc., has announced a rights offer. The company has announced that it will take five rights to buy a new share in the offering at a subscription price of $33. At the close of business the day before the ex-rights day, the company's stock sells for $54 per share. The next morning, you notice that the stock sells for $44 per share and the rights sell for $2 each. What price should the stock sell for ex-rights? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Ex-rights price $ What is the value of one right? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) Value of one right $ Are the rights underpriced or overpriced? Overpriced Underpriced What is the amount of instant profit you can make on ex-rights day per new share? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g. 32.) Instant profit $