Maese Industries Inc, has warrants outstanding that permit the holders to purchase 1 share of stock per warrant at a price of \$28. The data has been collected in the Microsoft Excel Online file below. Open the spreadsheet and perform the required analysis to answer the question below. Open spreadsheet a. Calculate the exercise value of the firm's warrants if the common sells at each of the following prices: (1) $20, (2) $25,(3)$30,(4)$100. (Hint: A warrant's exercise value is the difference between the stock price and the purchase price specified by the warrant if the warrant were to be exercised.) Do not round intermediate calculations. Round your answers to the nearest dollar. (1) $20$ (2) 25$ (3) 30$ (4) 100$ Warrants \begin{tabular}{l|l|} \hline Exercise price & $28 \\ \hline Current stock price & $20 \\ \hline \end{tabular} Annual Coupon Bond issue With Warrants: \begin{tabular}{|l|r|} \hline Length of maturity (in years) & 20 \\ \hline Par value & $1,000 \\ \hline Number of warrants attached to one bond & 100 \\ \hline Yield on annual bonds with no warrants & 9% \\ \hline Market value of each warrant & $3.25 \\ \hline \end{tabular} Calculation of Exercise Value of Warrants at Different Stock Prices: 14 15 16 17 18 19 Calculate dollar coupon payment and interest rate on bond with warrants to clear the market: \begin{tabular}{|r|} \hline Stock Price \\ \hline$20 \\ \hline$25 \\ \hline$30 \\ \hline$100 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|} \hline & \begin{tabular}{c} Exercise \\ Value \end{tabular} & & Formulas \\ \hline$28 & & F & #N/A \\ \hline$28 & & 4 & #N/A \\ \hline$28 & & F & HN/A \\ \hline$28 & & r & \#N/A \\ \hline \end{tabular} 20 Value of the bond. VB Coupon interest rate on bond Dollar coupon payment on bond Formulas 21 22 23 24 25