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45. A convertible bond is selling for $993. It has 15 years to maturity, a $1,00D face value, and a 3% coupon paid semiannually. Similar

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45. A convertible bond is selling for $993. It has 15 years to maturity, a $1,00D face value, and a 3% coupon paid semiannually. Similar nonconverhle bonds are priced to yield 8.5%. The conversion ratio is 2D. The stock curnentljg,Y sells for $47.50 per share. Calculate the convertible bonds option value

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