Chicopee Inc. issued convertible bonds at $1,000 par value some time ago. At any time prior to maturity on July 15, 2024, a bondholder can exchange a bond for 20 shares of stock. Which of the following is correct? 

• Conversion ratio is 20; conversion price is $1,000 
• Conversion ratio is 0.05; conversion price is $50
• Conversion ratio is 20; conversion price is $50
• Conversion ratio is 0.05; conversion price is $1,000 
• None of the rest is correct