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21. What is the value as common stock of a convertible preferred if it may be converted into 3 shares and the current price of a share is $60? what value of this preferred stock if it pays an annual dividend of $6.00 and investors require a return of 12 percent? 22. Given the following information concerning a convertible bond: PMaturity date: 20 years; Interest: $so; Principal: $%1000; Call Price: $1050: Exercise Price: $40 per share. The bond may be converted into how many shares? a. If comparable nonconvertible debt offered an annual yield of 10 percent, what would be the value of this bond as debt? b. c. If the stock were selling for $48, what is the value of the bond in terms of stock? If the bond were selling for $1400, what are the premiums paid over the bond's value as (1) stock, and (i) debt? d. e. If the price of the stock were $44, what would be the minimum price of the bond? If the price of the stock were $50, what would the investor receive if the bonds were called? What would the investor receive if the bonds f. were called and the investor did not convert