Infomatics wants to sell $$50$ million of $20-$year bonds with annual coupon payments. Investment bankers informed management that the bonds are difficult to sell and a $9\%$ coupon rate would be required. However, investors would be willing to buy the bonds with a coupon rate of only $7\%$ if the company offered $20$ warrants with each $$1,000$ bond, each warrant having a $10-$year life and entitling the holder to buy one share of common stock at an exercise price of $$24$ per share at any time during their $10-$year life.

What is the implied value of the warrant?