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A convertible bond has a face value of $1,000 and a conversion price of $50. The bond has a 6 30. percent coupon, pays interest

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A convertible bond has a face value of $1,000 and a conversion price of $50. The bond has a 6 30. percent coupon, pays interest semiannually, and matures in 12 years. Similar bonds are yielding 7.5 percent. The current price of the stock is $58 per share. What is the conversion value of this bond? A. $2,240 $3,310 $1,160 $4,430 $5,500 B. C. D. E

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