Hudson Bay Fishing Corporation has just issued a 10-year, 9% annual-pay bond with a $1,000 face value. In addition, the bond was issued with 50 detachable warrants. The bond was issued at par. Each warrant gives the owner the right to purchase 2 shares of the companys stock for $15 each. If bonds with equivalent risk but with no attached warrants currently yield 11%, then what is the value of each warrant?

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