Hilton Hotels Corporation has a convertible bond issue outstanding. Each bond, with a face value of $1,000, can be converted into common shares at a rate of 61.2993 shares of stock per $1,000 face value bond (the conversion rate), or $16.3134 per share. Hilton's common stock is trading (on the NYSE) at $15.89 per share and the bonds are trading at $975. 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. a. Conversion value b. Exercise the conversion option No