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Claire has a $1,000 convertible bond may be converted into 25 shares of stocks. if the price of the stocks is $48, what is the

Claire has a $1,000 convertible bond may be converted into 25 shares of stocks. if the price of the stocks is $48, what is the value of this bond in terms of stock?

$400

$480

$960

$1020

$1200

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