Maple Aircraft has issued a convertible subordinated debenture at 6.00% interest due 2020. The conversion price is $64.00 and the debenture is callable at 104.00% of face value. The market price of the convertible is 89.25% of face value, and the price of the common is $58.50. Assume that the value of the bond in the absence of a conversion feature is about 63.25% of face value. Assume a face value of $1,000.

For the remaining questions, assume the conversion price is $64.00 as stated in the original problem.

h. When should Maple call the debenture? (Enter your answer as a percent rounded to 2 decimal places.

When the price of the bond reaches % of face value.