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Superior Clamps, Inc.,has a capital structure consisting of 8.4 million shares of commonstock and 914,000 warrants. Each warrant gives its owner the rightto purchase one share of newly issued common stock for an exerciseprice of $22.30. The warrants are European and will expire one yearfrom today. The market value of the company's assets is $171.3million, and the annual variance of the returns on the firm'sassets is .25. Treasury bills that mature in one year yield acontinuously compounded interest rate of 8.4 percent. The companydoes not pay a dividend. Use the Black–Scholes model to determinethe value of a single warrant. (Do not round intermediatecalculations and round your answer to 2 decimal places, e.g.,32.16.) Value of one warrant$