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 $45.25 a share. Because the stock in the restructured firm was worth about $30 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 5%. 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.) all value