When Owens Corning emerged from bankruptcy in 2006, the debt holders became the sole owners of the company. But the old stockholders were not left entirely empty handed. They were given warrants to buy the new common stock at any point in the next seven years for $47.25 a share. Because the stock in the restructured firm was worth about $32.00 a share, the stock needed to appreciate by 50% before the warrants would be worth exercising. The standard deviation of Owens Corning stock was 44% a year and the interest rate when the warrants were issued was 5%. Calculate the call value of Owens Corning warrants.