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A 12-year maturity convertible bond with a 6% annual coupon on a company with a bond rating of AAA is selling for $1,047. Each bond can be exchanged for 50 shares, and the stock price currently is $20 per share. Other AAA-rated bonds with the same maturity would sell at a yield to maturity of 9%. What is the value of the implicit call option on the bond? (Round your answer to 2 decimal places.) 5 of 6 points Riskless profit $ Why is the bond selling for more than the value of the shares it can be converted into? 1 of 6 points V The bond is worth more than the shares it can be converted into because the bond has (Click to select) (Click to select) an upper bound eBook & Resources a "floor" alue a shorter life time Problem 25-27 Convertible Bonds and Value of Implicit Call Option (L04)