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Jill owns a convertible bond with a $1,000 face value that be exchanged for 40 shares of AXE stock, which is trading at $20 per

Jill owns a convertible bond with a $1,000 face value that be exchanged for 40 shares of AXE stock, which is trading at $20 per share. The conversion price equals?

a. $20

b. $25

c. $40

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