Use the “live” Black–Scholes program on this book’s Web site, www.mhhe.com/bma, to value the Owens Corning warrants described in Section 21- 4. 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.