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?