Determine implied value of each warrant

Quiz I have a few questions that .

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(TCO F) Upstate Water Company just sold a bond with . The bonds have a and an of 12%, and they were issued at their $1,000 par value. The current yield on is 15%. What is the implied value of each warrant

(a) $3.76
(b) $3.94
(c) $4.14
(d) $4.35
(e) $4.56

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