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Demonte is a new investor, he has decided to purchase a callable bond with a conversion feature. You are his financial advisor. Demonte tells you

Demonte is a new investor, he has decided to purchase a callable bond with a conversion feature. You are his financial advisor. Demonte tells you he wants to invest $10,000 into the bond of your choice. After much research you decide to purchase Goodwill bonds with a conversion ratio of 60 and a conversion price of $16.67. 5 years later, Goodwill stock is trading at $23 and as his advisor you advise Demonteto convert his bonds and sell the stock he receives at the time of conversion. How many shares of stock will Drmonte receive upon conversion and how much profit will he make when he sells them.

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