ENENP Company has an outstanding issue of convertible bonds with a $5,000 par value. These bonds are convertible into 500 shares of common stock. They have a 10 per cent coupon and a 10-year maturity. The interest rate on a straight bond of similar risk is seven per cent. Required: a. Calculate the straight bond value of the bond. (3 marks) b. Calculate the conversion value of the bond when the market price of the stock is $100/share. c. What is the least you would expect the bond to sell for at a market price of common stock of $70/share? P Company has an outstanding issue of convertible bonds with a $5,000 par value. These bonds are convertible into 500 shares of common stock. They have a 10 per cent coupon and a 10-year maturity. The interest rate on a straight bond of similar risk is seven per cent. Required: a. Calculate the straight bond value of the bond. b. Calculate the conversion value of the bond when the market price of the stock is $100/share.