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Your company recently issued $1,000,000 par value 15-year bonds with a 6% coupon paid annually and warrants attached. These bonds are currently trading for $1,000,000.

Your company recently issued $1,000,000 par value 15-year bonds with a 6% coupon paid annually and warrants attached. These bonds are currently trading for $1,000,000. Your company also has outstanding $1,000,000 par value 15-year straight debt with a 8% coupon paid annually, also trading for $1,000,000. What is the implied value of the warrants attached to each bond?

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