A bond with 20 detachable warrants has just been offered for sale at $1,000. The bond matures in 20 years and has an annual coupon of $115. Each warrant gives the owner the right to purchase two shares of stock in the company at $12 per share. Ordinary bonds (with no warrants) of similar quality are priced to yield 16 percent. What is the value of one warrant? Multiple Choice $13.34 $36.66 $16.01 $12.01 $14.67