Bookstaber Corp. has bonds outstanding that are convertible to common shares. The bonds are 15 years to maturity, carry a 6% coupon, can be converted into 50 shares. The stock is currently selling for $17.50 per share. The bond is selling for $925. Non-convertible bonds of the otherwise same risk are yielding 7.25%.

1. What is the conversion value of the bond?

2. What is the straight bond value?

3. What is the option value of the bond?

4. If the call price is $1060 and the expected growth rate is 3.5% when might the bond be called?