An investor owns a 15-year convertible bond that carries a 6% coupon rate and a $1,000 face value. The bond can be exchanged for 40 shares of stock that has a current market value of $24. Similar nonconvertible bonds have a yield to maturity of 6.5%. The minimum value of the bond is closest to:

Question 45 options:

	$1,116.03.
	$952.99
	$960.00
	$1,000.00.