A bond with 20 detachable warrants has just been offered for sale at $1,000. The bond matures in 25 years and has an annual coupon of $48. Each warrant gives the owner the right to purchase two shares of stock in the company at $45 per share. Ordinary bonds (with no warrants) of similar quality are priced to yield6 percent. What is the value of one warrant? (Do not round intermediate calculations. Round the final answer to 2 decimal places.) Value of one warrant