Dimadakel Ltd issued 2000 convertible Bonds at the beginning of 2014. the bonds have a three year term and are issued at par with face value of GHC 1000 par bond given total proceeds of GHC 2000000. Interest is payable annually in arrears at a normal annual interest rate of 10%.Each bond is convertible at any time up to maturity into 250 shares. When the bonds were issued, the prevailing market interest rate for similar debt without conversion was 15%. You are required to determine the equity component of the compound instrument. please solve it step by step.