1 Problem 19-12 Current yield on a convertible bond (LO19-1) The Olsen Mining Company has been very successful in the last five years. Its $1,000 par value convertible bonds have a conversion ratio of 35. The bonds have a quoted interest rate of 10 percent a year. The firm's common stock is currently selling for $48.70 per share. The current bond price has a conversion premium of $10 over the conversion value o. What is the current price of the band? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Bond price b. What is the current yield on the bond (annual interest divided by the bond's market price)? (Do not round intermediate calculations. Input your answer as a percent rounded to 2 decimal places.) Current yield c. If the common stock price goes down to $20.20 and the conversion premium goes up to $100, what will be the new current yield on the bond? (Do not round Intermediate calculations. Input your answer as a percent rounded to 2 decimal places.) New current yeld