Raggio, Inc., has 100,000 shares of stock outstanding. Each share is worth $80, so the company's market value of equity is $8,000,000.

Raggio, Inc., has 100,000 shares of stock outstanding. Each share is worth $80, so the company's market value of equity is $8,000,000. Suppose the firm issues 20,000 new shares at the following prices: $80, $75, and $65. What will the effect be of each of these alternative offering prices on the existing price per share?