A 4% annual coupon convertible bond has 14 years to maturity, a $1,000 par value and is priced at $1,620. This bond can be converted into 20 shares of common. The common currently sells for $63 per share and pays a $0.20 quarterly dividend per share. Similar bonds that are not callable yield 5.25%.

A) What is the bonds conversion equivalent?

B) What is the bond's payback period?

C) What is this bond's investment value?