Final answer:
The value of one right in Theo's stock rights offering is $2. This is calculated by subtracting the additional cash payment of $9 from the market value of the stock ($15), which gives us the total value of the 3 rights required to purchase a new share, and then dividing by 3.
Step-by-step explanation:
The student's question relates to determining the value of a right in the context of a stock rights offering. Theo has 6 shares of stock, each providing one right, and for each new share, 3 rights and an additional $9 are required. To find the value of one right, we first need to understand how much value the rights add when acquiring a new share.
In this case, a new share can be acquired with 3 rights (which Theo has from his 6 shares) plus $9. If the share is valued at $15, which is the market value, then the total cost should be equivalent to one share's value, i.e., 3 rights + $9 = $15. From this equation, we can deduce the total value of the 3 rights is $15 - $9, which equals $6.
This means the combined value of the 3 rights is $6, and thus, the value of one right is $6 divided by 3, equating to $2 per right. Therefore, each right that Theo holds is worth $2.