5 The 10% convertible debt of Millfield plc is convertible in four years time at a rate of 20 shares per bond, or redeemable in four years time at a par value of 100. The current share price of Millfield is 4.00 and this is expected to grow at 8% per year. If Millfield plc has a cost of debt of 12%, what is the current ex interest market value of its convertible debt? (Ignore taxation and work to the nearest 10p). A. 81.30 B. 94.00 C. 99.60 D. 106.10 E. 108.80