Curran Contracting is issuing new 23-year bonds that have warrants attached. If not for the attached warrants, the bonds would carry an 9.20% annual interest rate. However, with the warrants attached the bonds will pay a 7.50% annual coupon. There are 31 warrants attached to each bond, which have a par value of $1,000. What is the implied value of each warrant? Do not round your intermediate calculations.

		$5.30
		$4.94
		$5.17
		$4.33