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a bond with a face value of $1000 is convertible to common stock at a conversion ratio of 60. If the stock is currently trading

a bond with a face value of $1000 is convertible to common stock at a conversion ratio of 60. If the stock is currently trading at $8 per share, the value of the bond is probably closest in value to which of the following?

above 1667

about 498

less than 498

about 1000

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