Ing Corp. is issuing new 20-year bonds that have warrants attached. If not for the attached warrants, the bonds would carry an 9% annual interest rate. However, with the warrants attached the bonds will pay an 6.5% annual coupon. There are 20 warrants attached to each bond, which bond will have a par value of $1,000. What is the implied value of each warrant? Hint: Remember from Chapter 7, that when calculating bond prices both PMT and FV must be entered as a negative number. Show work