Maple Aircraft has issued a $434\%$ convertible subordinated debenture due $3$ years from now. The conversion price is $$47$ and the debenture is callable at $102\mathrm{.}75\%$ of face value. The market price of the convertible is $91\%$ of face value, and the price of the common is $$41\mathrm{.}50.$ Assume that the value of the bond in the absence of a conversion feature is about $65\%$ of face value.

$($Please kindly answer the following questions and relate to $3$ peer reviewed articles.$)$

$1.$ In the absence of the conversion feature, what is the current yield and yield to maturity?

$2.$ Can the market price be less then the conversion value?

$3.$How much is the convertible holder paying for the option to buy one shar of common stock?

$4.$By how much does the common have to rise after three years to justify conversion?