23.8 a. Conversion value =108.7 x $12 $1304.40. Conversion price = $1,000/108.7 = $9.20 (unchanged). b. Bond
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23.8
a. Conversion value =108.7 x $12 $1304.40. Conversion price = $1,000/108.7 = $9.20 (unchanged).
b. Bond value = $42.50 X 30-year annuity factor at 9.5% + $1,000 30-year PV factor at 9.5% = $417.98 + $65.70 = $483.68.
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Related Book For 
Fundamentals Of Corporate Finance
ISBN: 9780073382302
6th Edition
Authors: Richard A Brealey, Stewart C Myers, Alan J Marcus
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