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A $1,000 par value bond with a 6% coupon rate and ten years until maturity is convertible into 14 shares of the issuer. The issuer's

A $1,000 par value bond with a 6% coupon rate and ten years until maturity is convertible into 14 shares of the issuer. The issuer's stock is currently selling for $81.50. Should the bondholder convert? Explain.

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