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Looper Industries bonds have a face value of $1,000 and can be exchanged for 30 shares of stock. The stock is selling for $35 a

Looper Industries bonds have a face value of $1,000 and can be exchanged for 30 shares of stock. The stock is selling for $35 a share. Looper has an outstanding call option on the bonds at $1,040. What should be the current market value of one of these bonds if the option premium per bond is $15? Assume the bond coupon rate equals the market rate of interest.

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