Determining valuesConvertible bond Craig's Cake Company has an outstanding issue of 10-year convertible bonds with a $1,000 par value. These bonds are convertible into 90 shares of common stock. They have a 8% 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