Firm A recently issued a bond at par ($1,000) with a maturity of 5 years. The bond came with an annual coupon of $4.7% and one warrant allowing the holder to buy 10 shares at $24.50 for 5 years. A straight bond issue for Firm A would have required a 5% coupon in order to have been issued at par. Firm A's stock is currently trading at $24. What is the implied value of the warrant?

a. $12.99

b. $1.30

c. $0

d. -$5.00