When Owens Corning emerged from bankruptcy in 2006, the debtholders became the sole owners of the company. But the old stockholders were not left entirely empty-handed. Suppose they were given warrants to buy the new common stock at any point in the next seven years for $46.50 a share. Because the stock in the restructured firm was worth about $31.25 a share, the stock needed to appreciate by 50% before the warrants would be worth exercising. The standard deviation of Owens Corning stock was 41% a year and the interest rate when the warrants were issued was 6%. Owens Corning did not pay a dividend. Ignore the problem of dilution. Calculate the call value of Owens Corning warrants. (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Call Value: ________