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BioTech Industries has debentures outstanding (par value $1,000) convertible into the company's common stock at $30. The coupon rate is 11 percent payable semiannually and

BioTech Industries has debentures outstanding (par value $1,000) convertible into the company's common stock at $30. The coupon rate is 11 percent payable semiannually and they mature in 10 years. Calculate the conversion ratio of the bond if the stock price is currently $27.00 per share and the bond is selling at $950.

A. 33.33
B. 37.04
C. 31.67
D. 35.19

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