An investor owns 120 common shares of Caradoc Car Company (CCC). A rights offering was just announced and 7 rights are needed to purchase a new common share at an exercise price of $40.00 per share. The market price of the shares, immediately before the rights offering was announced was $72.00 per share. Based on this information, if the investor were to sell all of their rights, how much cash would be received? Assume no brokerage or other transaction fees. A.$476 B.$3,360 C.$480 D.$549
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