Please help.

Assume that Almond Milk Company has a $1,000 face value bond with a stated coupon rate of 6.25 percent that is convertible into its common stock at $35.40. The bond is selling at $1,054.53 in the market. The common stock is selling for $33.74 and pays a dividend of 1.12 per share. Calculate the yield advantage.

Please calculate the final answer to two decimal places in percentage form.

The correct answer is 2.61%, I just don't know the steps my teacher took to get there