28)Assume a convertible bond has a par value of $1000, a yield to maturity of 6%, and 10 years until it matures. It has an annual coupon rate of 4% and the interest is paid semi-annually. The bond has a conversion ratio of 23.75 and the companys current stock price is $25 per share. What is the market conversion price?

1. $25.65
2. $33.15
3. $35.84
4. $41.23

e) none of the above