Please explain how to derive the answer.

12) Kandy Korn Co. issued convertible bonds with a conversion ratio of 50. The most likely price of the stock at the time the bonds were issued was A) $50. B) $25. C) $20. D) $15. Answer: D 12) Kandy Korn Co. issued convertible bonds with a conversion ratio of 50. The most likely price of the stock at the time the bonds were issued was A) $50. B) $25. C) $20. D) $15. Answer: D