1. Conversion Premium: Eckely Inc. recently issued bonds with a conversion ratio of 13.8. If the stock price at the time of the bond issue was $49.12, what was the conversion premium?

2. Warrant Value: A warrant gives its owner the right to purchase three shares of common stock at an exercise price of $58 per share. The current market price of the stock is $63. What is the minimum value of the warrant?