A customer owns 107 shares of ABC common stock. ABC declares a rights offering, with the terms being that for every 10 rights tendered, a shareholder may purchase one additional share at $22 per share. Any fractional rights holding may be rounded up to buy an additional share. If this shareholder wishes to subscribe, which statement is TRUE?
A. The shareholder can buy a maximum of 10 shares by paying $220
B. The shareholder can buy a maximum of 11 shares by paying $242
C. The shareholder can buy a maximum of 107 shares by paying $2,354
D. The shareholder can buy a maximum of 110 shares by paying $2,420
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