Determining values long dash Convertible bondCraig's Cake Company has an outstanding issue of 25-year convertible bonds with a $ 500 par value. These bonds are convertible into 75 shares of common stock. They have a 14% annual coupon interest rate, whereas the interest rate on straight bonds of similar risk is 17%. a.Calculate the straight bond value of this bond. b. Calculate the conversion (or stock) value of the bond when the market price is $ 13 per share of common stock. c.What is the minimum market value of the bond?