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.Which of the following statements is correct?

• Market interest rates have decreased since the bonds were issued.
• Market interest rates have increased since the bonds were issued.
• Market interest rates have remained the same since the bonds were issued.
• Need more information
• None of the above