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Assume that Almond Milk Company has a $1,000 face value bond with a stated coupon rate of 7.90 percent that is convertible into its common

Assume that Almond Milk Company has a $1,000 face value bond with a stated coupon rate of 7.90 percent that is convertible into its common stock at $35.94. The bond is selling at $1,112.80 in the market. The common stock is selling for $33.19 and pays a dividend of 1.26 per share. Calculate the conversion ratio:

Please calculate the final answer to three decimal places.

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