What is the premium over the formula value for the warrants

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The Manchester Corporation has warrants presently outstanding, and each warrant entitles the holder to purchase one share of the company's common stock at an exercise price of $20 a share. If the market price of the warrants is $8 and the common stock price is $24 a share, what is the premium over the formula value for the warrants?

Reference no: EM13298518

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