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Your firm plans to issue two bonds. Both will have 1 0 year terms. The first issue offers a 6 . 5 % annual coupon

Your firm plans to issue two bonds. Both will have 10 year terms. The first issue offers a 6.5% annual coupon while the latter offers a 4.5% annual coupon. The second comes with 5 warrants attached. If both bonds sell at par what is the implied value of each (rounded) warrants?

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