A bond with 25 detachable warrants has just been offered for sale at $1,000. The bond matures in 15 years and has an annual coupon of $105. Each warrant gives the owner the right to purchase two shares of stock in the company at $10 per share. Ordinary bonds (with no warrants) of similar quality are priced to yield 18 percent. What is the value of one warrant? Multiple Choice $15.27 $24.73 $18.33 $13.75 $16.80