A firm issues a 6-year convertible bond paying interest annually at a coupon rate of 5% on a par value of $1,000. After one year, the discount rate on other-wise identical non-convertible debt is 6.5%. The bond is convertible into shares of common stock at a conversion price of $25 per share (i.e. the bond is exchangeable for 40 shares). Today's closing stock price was $22. What is the floor value of this bond? $937.66$1,000$1064.94 None of the other answers $880.00