Modern Windows Issued Warrants for One Share Per Warrant with an Exercise

Multiple Choice

Modern Windows issued warrants for one share per warrant with an exercise price of $21.On May 1,the common stock is selling for $23 a share.The lower and upper limits on the warrant value on this date are:

A) $0 and $23.
B) $0 and $21.
C) $2 and $21.
D) $2 and $23.
E) $21 and $23.