Maggie's Magazines $($MM$)$ has straight nonconvertible bond that currently yield $7\%.$ MM$\text{'}$s stock sells for $$22$ per share, has an expected constant growth rate of $6\%,$ and has a dividend yield of $4$$$.$ MM plans on issuing convertible bonds that will have a $$1,000$ par value, a coupon rate of $8\%,$ a $20-$year maturity, and a conversion ratio of $32($i$.$e$.,$ each bond could be convertible into $32$ shares of stock$).$ Coupon payments will be made annually. The bonds will be noncallable for $5$ years, after which they will be callable at a price of $$1,090$; this call price would decline by $$6$ per year in Year $6$ and each year thereafter. For simplicity, assume that the bonds may be called or converted only at the end of a year, immediately after the coupon and dividend payments. Management will call the bonds when the bonds$$ conversion value exceeds $25\%$ of the bonds$$ par value $($not their call price$).$a$.$ For each year, calculate: $(1)$ the anticipated stock price; $(2)$ the anticipated conversion value; $(3)$ the anticipated straight$-$bond price; and $(4)$ the cash flow to the investor assuming conversion occurs. At what year do you expect the bonds will be forced into conversion with a call? What is the bond$$s value in conversion when it is converted at this time? What is the cash flow to the bondholder when it is converted at this time $($Hint: the cash flow includes the conversion value and the coupon payment, because the conversion is immediately after the coupon is paid$)$