A bond with five detachable warrants has just been offered for sale for $1,000. The bond matures in eight years and has an annual coupon of $60. Each warrant grants its owner the right to purchase two shares of stock in the company at $15 per share. Ordinary bonds (with no warrants) of similar quality are priced to yleid 6.4 percent. What is the value of one warrant? Multiple Choice $5.67 $4.89 $2.45 $12.25 $24.45