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- 1 REM RTVAL
- 5 CLEAR 1000
- 10 CLS:PRINT TAB(10); "VALUE OF A RIGHT":PRINT
- 20 PRINT"THE PRIVILEGE OF A STOCKHOLDER TO SUBSCRIBE AT A STATED PRICE
- 25 PRINT"TO NEW ISSUES OF COMMON STOCKS IN PROPORTION TO HIS PRESENT
- 30 PRINT"HOLDINGS IS A RIGHT OR STOCK RIGHT. THIS PRIVILEGE IS
- 35 PRINT"GENERALLY OFFERED FOR A VERY LIMITED PERIOD. DURING THIS
- 40 PRINT"PERIOD MAY EXERCISE HIS OFFER OR HE MAY SELL THE RIGHT TO
- 45 PRINT"ANOTHER INVESTOR. WHEN THE RIGHTS OFFERING IS ANNOUNCED THE
- 50 PRINT"BOARD OF DIRECTORS ESTABLISHES A CUTOFF DATE. ANYONE WHO
- 55 PRINT"PURCHASES THE STOCK BEFORE THAT DATE RECEIVES RIGHTS FOR THE
- 60 PRINT"NEW ISSUE. THE STOCK IS THEN SAID TO SELL RIGHTS-ON. AFTER
- 65 PRINT"THE CUTOFF DATE NEW PURCHASERS OF THE STOCK DO NOT GET THE
- 70 PRINT"RIGHT AND THE STOCK IS TRADED EX-RIGHTS.
- 75 PRINT:GOSUB 10100: CLS
- 80 PRINT"GIVEN THE MARKET VALUE OF 1 SHARE OF STOCK SELLING RIGHTS-ON,
- 85 PRINT"THE SUBSCRIPTION PRICE PER SHARE, AND THE NUMBER OF RIGHTS
- 90 PRINT"REQUIRED TO PURCHASE ONE SHARE OF STOCK THIS PROGRAM WILL
- 95 PRINT"COMPUTE THE MARKET VALUE OF 1 RIGHT WHEN THE STOCK IS SELLING
- 100 PRINT"RIGHTS-ON, THE THEORETICAL VALUE OF ONE SHARE OF STOCK WHEN
- 105 PRINT"IT GOES EX-RIGHTS, AND THE THEORETICAL VALUE OF 1 RIGHT
- 110 PRINT"WITH THE STOCK SELLING EX-RIGHTS.
- 120 PRINT:INPUT"PRESS ENTER TO BEGIN";Z9$
- 200 CLS
- 210 INPUT"ENTER MARKET VALUE OF 1 SHARE RIGHTS-ON";P0
- 220 INPUT"ENTER SUBSCRIPTION PRICE PER SHARE ";S
- 230 INPUT"ENTER # RIGHTS NEEDED TO BUY 1 SHARE ";N
- 300 R0=(P0-S)/(N+1):REM MARKET VALUE OF 1 RIGHT - RIGHTS-ON
- 310 PX=(P0*N+S)/(N+1):REM VALUE 1 SHARE EX-RIGHTS
- 320 RX=(PX - S)/N:REM VALUE 1 RIGHT - EX RIGHTS
- 400 REM PRINT
- 410 PRINT:PRINT
- 420 PRINT"MARKET VALUE OF 1 RIGHT - RIGHTS-ON ";R0
- 430 PRINT"THEORETICAL VALUE OF 1 SHARE EX-RIGHTS ";PX
- 440 PRINT"THEORETICAL VALUE OF 1 RIGHT EX-RIGHTS ";RX
- 450 PRINT
- 460 INPUT"PRESS ENTER FOR MORE COMPUTATION";Z9$
- 465 IF Z9$ = "-1" THEN END
- 470 GOTO 200
- 10000 PRINT"INPUT ERROR! TRY AGAIN!":FOR Z=1TO300:NEXT:RETURN
- 10100 INPUT"PRESS ENTER TO CONTINUE";Z9$:RETURN
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