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Jacobs Company has warrants outstanding, which are selling at a $4.00 premium above intrinsic value. Each warrant allows its owner to purchase one share of

Jacobs Company has warrants outstanding, which are selling at a $4.00 premium above intrinsic value. Each warrant allows its owner to purchase one share of common stock at $25. If the common stock currently sells for $30, what is the warrant price? (Round your answer to 2 decimal places.)

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