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Shanton Corporation could issue 15-year straight debt at a rate of 8%. Instead, Shanton issues 15-year debt with a coupon rate of 6%, but each

Shanton Corporation could issue 15-year straight debt at a rate of 8%. Instead, Shanton issues 15-year debt with a coupon rate of 6%, but each bond has 25 warrants attached. The bonds can be issued at par ($1000 per bond). Assuming annual interest payments, what is the implied value of each warrant?

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