Determining values - Convertible bond Craig's Cake Company has an outstanding issue of 22-year convertible bonds with a $500 par value. These bonds are convertible into 70 shares of common stock. They have a 15% annual coupon Interest rate, whereas the interest rate on straight bonds of similar risk is 14% a. Calculate the straight bond value of this bond. b. Calculate the conversion for stock) value of the bond when the market price is $9 per share of common stock c. What is the minimum market value of the bond? a. The straight value of the bond is $ (Round to the nearest cont.) b. The conversion (or stock) value of the bond is $(Round to the nearest dollar) 6. The minimum market value of the bond is $ (Round to the nearest cent)