i understand all of this except for where the -752.23 is coming from for the PV in the 3rd image. could someone explain how to get that from the information? thank you!

Convertible Securities Example Rizzo Company has debentures ($1,000 par) outstanding that are convertible into the company's common stock at a price of $25. The convertibles have a coupon interest rate of 8% and mature in 12 years. In addition, the convertible debenture is callable at 110% of the par value. Straight debt of equivalent risk is yielding 12%. The company's common stock is selling at $22 per share. The company has a marginal tax rate of 40%. (a) Determine the conversion value of the issue (b) Determine the straight-bond value of the issue Convertible Securities Example Conversion ratio=Par value of security/conversion price=1000/25=40 Each debenture can convert to 40 shares of common stock Conversion value=conversion ratio* current stock price=40*22=880 Straight bond value: PMT=8%*1,000=80 N=12 I/Y=12 FV=1000 PV=-752.23