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Marcus, Inc. has convertible bonds. Interest is paid annually. Use the data below to determine the conversion value of each bond. Round to the nearest

Marcus, Inc. has convertible bonds. Interest is paid annually. Use the data below to determine the conversion value of each bond. Round to the nearest whole dollar.

Maturity: 10 years

Stock price: $35.00

Par value: $1,000

Conversion price: $40

Annual coupon: 9%

Straight debt yield: 11%

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