Hilton Hotels Corp. has a convertible bond issue outstanding Each bond, with a face value of $1100, can be converted into common shares at a rate of 61.2978 shares of stock per $1100 face value bond (the conversion rate), or $17.9451 per share. Hilton's common stock is trading (on the NYSE) at $1753 per share and the bonds are trading at $1,075. a. Calculate the conversion value of each bond, (Round your answer to 2 decimal places. (e.g. 32.16)) b. State whether it is currently profitable for bond holders to convert their bonds into shares of Hilton Hotels common stock Conversion value Exercise the conversion option b