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A bond is convertible for 1 2 shares of stock. The YTM of the bond is 7 . 3 6 % and the coupon rate

A bond is convertible for 12 shares of stock. The YTM of the bond is 7.36% and the coupon rate is 2.3% and has 6.5 years to maturity. The company was recently downgraded from BBB to BB. At what price per share of stock would you need for the 12 shares of stock to be equal in value to the bond?
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