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A $1,000 face value bond has a conversion ratio of 39. You estimate the transaction costs of conversion to be 3.5% of the face value

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A $1,000 face value bond has a conversion ratio of 39. You estimate the transaction costs of conversion to be 3.5% of the face value of the bond. What price must the stock reach in order for you to convert? The required price per share will be $ (Round to the nearest cent.)

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