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9. An investor comes to you and states that she has the option of converting her $2,000 XYZ Corporate Bond into 20.50 shares of XYZ

9. An investor comes to you and states that she has the option of converting her $2,000 XYZ Corporate Bond into 20.50 shares of XYZ common stock. If the XYZ Bond pays a coupon rate of 5.25%, has a call price of 105, and matures in 7 years, what is the exercise price of the conversion feature?

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