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A convertible bond has $1,000 par, pays 3.1% annual coupon, and is convertible from now through maturity. Conversion ratio is 18 . The convertible bond

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A convertible bond has $1,000 par, pays 3.1% annual coupon, and is convertible from now through maturity. Conversion ratio is 18 . The convertible bond is trading at $1,096.24 today. What is the market conversion price of this bond? Round your answer to 2 decimal places

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