Determining values-Convertible bond Eastern Clock Company has an outstanding issue of convertible bonds with a $500 par value. These bonds are convertible into 50 shares of common stock. They have a 15% annual coupon interest rate and a 15-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 (or stock) value of the bond when the market price of the common stock is $50 per share. c. What is the least you would expect the bond to sell for, regardless of the common stock price behavior?