Maese Industries Inc. has warrants outstanding that permit theholders to purchase 1 share of stock per warrant at a price of $24.Calculate the exercise value of the firm's warrants if the commonsells at each of the following prices: (1) $20, (2) $25, (3) $30,(4) $100. (Hint: A warrant's exercise value is the differencebetween the stock price and the purchase price specified by thewarrant if the warrant were to be exercised.) If your answer iszero, enter "0". Round your answers to the nearest dollar. (1) $20$ (2) $25 $ 1 (3) $30 $ 6 (4) $100 $ 76 Assume the firm's stock nowsells for $20 per share. The company wants to sell some 20-year,$1,000 par value bonds with interest paid annually. Each bond willhave attached 50 warrants, each exercisable into 1 share of stockat an exercise price of $25. The firm's straight bonds yield 10%.Assume that each warrant will have a market value of $3 when thestock sells at $20. What coupon interest rate must the company seton the bonds with warrants if they are to clear the market? (Hint:The convertible bond should have an initial price of $1,000.) Donot round intermediate calculations. Round your answer to twodecimal places. % What dollar coupon must the company set on thebonds with warrants if they are to clear the market? (Hint: Theconvertible bond should have an initial price of $1,000.) Do notround intermediate calculations. Round your answer to the nearestdollar. $