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A company has outstanding warrants which allow the warrant holder to buy four shares of common stock at an exercise price of $20/share (current market

A company has outstanding warrants which allow the warrant holder to buy four shares of common stock at an exercise price of $20/share (current market price of the stock is $25).The warrants are currently trading in the market for $30/share. What is the premium over the formula value that the warrants are selling for?

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