Diamond Drill Inc. has 150,000 shares and 15,000 warrants outstanding. A warrant holder can purchase a new share of stock for five warrants and $5.00 per warrant. The stock is currently selling for $27 per share. a) The holder of a $1,000 face value bond can exchange the bond any time for 25 shares of stock. The conversion ratio is: b) The holder of a $1,000 face value bond can exchange the bond any time for 25 shares of stock. The conversion price is