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Assume that you purchased a $1,000 convertible corporate bond. Also assume the bond can be converted to 28.5 shares of the firms stock. What is

Assume that you purchased a $1,000 convertible corporate bond. Also assume the bond can be converted to 28.5 shares of the firms stock. What is the dollar value that the stock must reach before investors would consider converting to common stock? (Round your answer to 2 decimal places.)

Conversion price

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