Norma owns ABC Corporation bonds of AA rated quality that mature in seven years, pay semiannual interest, and have a coupon of $8\%.$ Similar bonds $($AA rated, seven years to maturity$)$ yield $9\%.$ The ABC Corporation bonds are convertible into common stock at $$26$ per share, and the current market price of ABC common stock is $$23.$ What is the conversion value of an ABC Corporation bond?

Question $15$ options:

a$)$

$$766\mathrm{.}47$

b$)$

$$851\mathrm{.}85$

c$)$

$$884\mathrm{.}61$

d$)$

$$923\mathrm{.}08$