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

Compute the bond's conversion value and conversion price.

Note: Round your conversion price to $2$ decimal places.

Answer is complete but not entirely correct.Ashton Long, a bond analyst, is analyzing a convertible bond. The characteristics of the bond are given below.

Convertible Bond Characteristics

Par value $ $1,000$

Annual coupon rate $($annual pay$)6\mathrm{.}1\%$

Conversion ratio $29$

Market price $110\%$ of par

Straight value $99\%$ of par

Underlying Stock Characteristics

Current market price $ $26$ per share

Compute the bond$$s conversion value and conversion price.

Note: Round your conversion price to $2$ decimal places.