Determining values Convertible bond Eastern Clock Company has an outstanding issue of convertible bonds with a $1,000 par value. These bonds are convertible into 50 shares of common stock. They have a 11% annual coupon interest rate and a 23-year maturity. The interest rate on a straight bond of similar risk is currently 14%. a. Calculate the straight bond value of the bond. b. Calculate the conversion for stock) value of the bond when the market price of the common stock is $25 per share. c. What is the least you would expect the bond to sell for, regardless of the common stock price behavior? a. The straight value of the bond is s. (Round to the nearest cent.)