Suppose you own 71,000 shares of common stock in a firm with 2 million total shares outstanding. The firm announces a plan to sell an additional 1.1 million shares through a rights offering. The market value of the stock is $50.74 before the rights offering and the new shares are being offered to existing shareholders at a $8 discount. If you exercise your preemptive rights, how many of the new shares can you purchase? (Round answer to a whole number. e.g., 123,456)

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A:

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