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A convertible bond has a coupon of 5 . 5 percent, paid semiannually, and will mature in 2 0 years. If the bond were not

A convertible bond has a coupon of 5.5 percent, paid semiannually, and will mature in 20 years. If the bond were not convertible, it would be priced to yield 4.5 percent. The conversion ratio on the bond is 30 and the stock is currently selling for $52 per share. What is the minimum value of this bond?

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