The Gifford Investment Company bought 80 Cable Corporation warrants one year ago and would like to exercise them today. The warrants were purchased at $28 each, and they expire when trading ends today. (Assume there is no speculative premium left.) Cable Corporation common stock was selling for $45 per share when Gifford Investment Company bought the warrants. The exercise price is $34, and each warrant entitles the holder to purchase two shares of stock, each at the exercise price. a. What was the intrinsic value of a warrant at the time of purchase? b. What was the speculative premium per warrant when the warrants were purchased? The purchase price, as indicated earlier, was $28. (Do not round intermediate calculations and round your answer to 2 decimal places.)