Newlink Genetics (NLNK) has just issued 25-year callable convertible bonds with a coupon rate of 6% annually and a par value of $1,000. Coupon payments are made on a semi-annual basis and the bond has a conversion price of $95. The companies stock is selling for $31 per share. The owner of the bond will be forced to convert if the bonds conversion value is ever greater than or equal to $1,250. The required rate of return on an otherwise identical nonconvertible bond is 8%. a. What is the minimum value of the bond? b. if the stock were to grow by 15% forever, how long would it take the bonds conversion value to exceed $1,250