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Consider the following convertible bond: Current market price of XYZ common stock = $11. Dividends per XYZ common stock share = $1. Current market price

Consider the following convertible bond:

Current market price of XYZ common stock = $11. Dividends per XYZ common stock share = $1. Current market price of XYZ bond = $1,026. Par value = $1,000. Conversion ratio = 61. Coupon rate = 10% (semiannual). Maturity = 10 years. Comparable non-convertible yield = 14%

What is the market conversion premium ratio?

Round your answer to 2 decimal places. For example, if your answer is 25.689, please write down 25.69.

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