Cheung Zap Inc. just issued 17-year convertible bonds at a par value of $1,000. At any time before maturity, investors have the option to exchange their bonds for shares of Cheungs common stock at a conversion price of $60.48. Cheungs convertible bonds pay a 7.56% annual coupon, but if Cheung had issued straight-debt bonds (no conversion), it would have had to pay 12.60% annual interest. What is the conversion ratio?

Group of answer choices

18.18

16.53

30.15

17.86