You can buy a warrant for $12.00 that gives you the option to buy one share of common stock at $21.00 per share. The stock is currently selling at $20.00 per share. (Leave no cells blank - ensure that "0" is entered wherever required.)

a. What is the intrinsic (minimum) value of the warrant? (Round the final answer to 1 decimal place.)

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

c. If the stock rises to $46.00 per share and the warrant sells at its intrinsic value plus a speculative premium of $1.00, what will be the percentage increase in the stock price and the warrant price if you bought the stock and the warrant at the prices stated above, $20.00 and $12.00? (Do not round the intermediate calculations. Round the final answer to 2 decimal places.)

Percentage increase
Share	%
Warrant	%