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A convertible bond has a conversion ratio of 24. The bond has a 7 percent coupon rate and 18 years to maturity. If the yield

A convertible bond has a conversion ratio of 24. The bond has a 7 percent coupon rate and 18 years to maturity. If the yield to maturity on similar bonds is 6.34 percent, and the stock price is $52.07, what is the minimum price of the bond?

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