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Captain Nathan Brittles invested in a $1,000 par, 20-year maturity, 9 percent annual coupon rate convertible bond with a conversion ratio of 20 issued by
Captain Nathan Brittles invested in a $1,000 par, 20-year maturity, 9 percent annual coupon rate convertible bond with a conversion ratio of 20 issued by a company six years ago. What is the conversion value of Captain Brittless investment if the current market price for the companys common stock is $70 per share? (Interest is paid annually.)
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