Ashton Long, a bond analyst, is analyzing a convertible bond. The characteristics of the bond are given below.

Convertible Bond Characteristics

Par value

Annual coupon rate $($annual pay$)$

Conversion ratio

Market price

Straight value

$$1,000$

$7\mathrm{.}2\%$

$25$

$105\%$ of par

$99\%$ of par

Underlying Stock Characteristics

Current market price

$$32$ per share

Compute the bond's conversion value and conversion price using the current market value.

Conversion value

Conversion price