Superior Clamps, Inc., has a capital structure consisting of 8.6 million shares of common stock and 916,000 warrants. Each warrant gives its owner the right to purchase one share of newly issued common stock for an exercise price of $22.50. The warrants are European and will expire one year from today. The market value of the company's assets is $171.5 million and the annual variance of the returns on the firm's assets is .30. Treasury bills that mature in one year yield a continuously compounded interest rate of 8.6 percent. The company does not pay a dividend. Use the Black-Scholes model to determine the value of a single warrant.