A 7-year maturity convertible bond with a 4% annual coupon on a company with a bond rating of AAA is selling for $1,044. Each bond can be exchanged for 40 shares, and the stock price currently is $25 per share. Other AAA-rated bonds with the same maturity would sell at a yield to maturity of 9%. What is the value of the implicit call option on the bond? (Round your answer to 2 decimal places.) 5 of 6 points Value of Implicit Call Option Why is the bond selling for more than the value of the shares it can be converted into? 1 of 6 points The bond is worth more than the shares it can be converted into because the bond has bone