Maple Aircraft has issued a 4% convertible subordinated debenture due 3 years from now. The conversion price is $47 and the debenture is callable at 102.75% of face value. The market price of the convertible is 91% of face value, and the price of the common is $41.50. Assume that the value of the bond in the absence of a conversion feature is about 65% of face value.

find the following,

With process showing all values how those been calculated with clear explanations and details( not only direct answer)

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