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A bond with 1 0 detachable warrants has just been offered for sale at $ 1 , 0 0 0 . The bond matures in

A bond with 10 detachable warrants has just been offered for sale at $1,000. The bond matures in 25 years and has an annual coupon of $45. Each warrant gives the owner the right to purchase two shares of stock in the company at $49 per share. Ordinary bonds (with no warrants) of similar quality are priced to yield 6 percent. What is the value of one warrant? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g.,32.16.) Value of one warrant

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