Question 18 (1.5 points) One company currently has outstanding warrants with a time value of $ 4. Each warrant allows its holder to purchase 5 common shares at a price of $ 15. The current price of the common stock is $ 20. If the share price appreciates by 10%, what will be the increase or decrease (in percentage) of the intrinsic value of the warrant?

Options for question 31:

20% 35% 40% 45% 25%