Gregg Company recently issued two types of bonds. The first issue consisted of 20-year straight (no warrants attached) bonds with an 7% annual coupon. The second issue consisted of 20-year bonds with a 6% annual coupon with warrants attached. Both bonds were issued at par ($1,100).

1. What is the value of the warrants that were attached to the second issue?__________ Round your answer to the nearest cent.