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Connelly, Inc. has 9% conveible bonds that were issued at par, but are now worth $1,100. The bonds can be converted into 30 shares of

Connelly, Inc. has 9% conveible bonds that were issued at par, but are now worth $1,100. The bonds can be converted into 30 shares of common stock. The company's common stock currently sells for $37.50. What is the conversion price? Round to the nearest whole dollar.

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