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A convertible bond has ( $ 1,000 ) par, pays 4.8 annual coupon, matures in 2 years, and is convertible from now through maturity. Conversion

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A convertible bond has \\( \\$ 1,000 \\) par, pays \4.8 annual coupon, matures in 2 years, and is convertible from now through maturity. Conversion ratio is 24 . The convertible bond is trading at \\( \\$ 1,088.65 \\) today. What is the premium over straight value of this convertible bond? Assume the yield on a comparable non-convertible bond is \2, and annual compounding. Round your answer to 4 decimal places. For example if your answer is \3.205, then please write down 0.0321

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