Spring Fields has warrants outstanding that allow the holder to purchase one common share at $21 per share (option price). The common stock is currently selling for $27. The warrant is selling for $9.35. (Leave no cells blank - ensure that "0" is entered wherever required.)

a. What is the intrinsic (minimum) value of this warrant?

Intrinsic value $

b. What is the speculative premium on this warrant? (Round the final answer to 2 decimal places.)

Speculative premium $