Herring Inc. is considering issuing 18-year, 9.0% semiannual coupon, $1,000 face value convertible bonds at a price of $1,000 each. Each bond would be convertible into 25 shares of common stock. If the bonds were not convertible, investors would require an annual nominal yield of 11.8%. What is the straight-debt value of each bond at the time of issue? Do not round your intermediate calculations. a. $832.13 b. $792.84 c. $794.58 d. $247.32 e. $207.16