Micah Bell has $1,300 to invest in the market. He is considering buying 50 shares of Emerald Ranch Corporation at $26 per share. His broker suggests that he purchase Emerald Ranch Corp warrants instead. The warrants are selling for $7 and each warrant allows him to purchase one share of Emerald Ranch common shares at $23 per share.

How many warrants can Mr. Bell purchase? Round to the nearest warrant.

Calculate the intrinsic value of the warrant. Round to 2 decimal places.

Calculate the speculative premium of the warrant. Round to 2 decimal places.

If the price of the stock goes to $35, what would be his percentage return if he had purchased the warrant at $6, exercised the warrant and sold the stock at $35? Round to 2 decimal places?

Based on the original data, what if the market price was originally $21, what would the speculative premium have been? Please provide a negative (if required). Round to 2 decimal places.