Your firm has 3 million shares of equity and 100,000 warrants. Each warrant gives its owner the right to purchase one share of newly issued equity for an exercise price of 15. The warrants are European and will expire one year from today. The market value of the company's assets is 60 million, and the annual standard deviation of the returns on the firm's assets is 24 per cent. Treasury bills that mature in one year yield a continuously compounded interest rate of 2 per cent. The company does not pay a dividend. Use the Black-Scholes model to determine the value of a single warrant. (30 marks)