An investment has a portfolio of 490 shares in company Z, investor deposited $500,000 in savings account. Company Z has declared rights issue, one…

An investment has a portfolio of 490 shares in company Z, investor deposited $500,000 in savings account. Company Z has declared rights issue, one for every five held at $20 per share. Current market price for shares of Z company is $35. Find the value of each share, existing investor are be allowed to exercise the right first.