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Grabar recently sold a convertible bond with a $1,000 par value for a flotation cost of 2% (each bond produced $980 for the firm). What

Grabar recently sold a convertible bond with a $1,000 par value for a flotation cost of 2% (each bond produced $980 for the firm). What is the conversion price if the conversion ratio is 22?

$44.55

$45.45

$50.00

$4.45

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