Determining values-Convertible bond Craig's Cake Company has an outstanding issue of 8-year convertible bonds with a $800 par value. These bonds are convertible into 60 shares of common stock. They have a 11 % 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 (or stock) value of the bond when the market price is $22 per share of common stock c. What is the minimum market value of the bond? a. The straight value of the bond is S(Round to the nearest cent) b. The conversion (or stock) value of the bond is S(Round to the nearest dollar) C. The minimum market value of the bond is $ (Round to the nearest cent.)