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At 31 July 2019, two companies, Eagle Corporation and Dragon Corporation both have in issue 5 million shares of common stocks. In addition, Eagle Corporation has in issue $5,000,000 of convertible bonds, par value $1,000, carrying an annual coupon rate of 11% and convertible into 400 shares of common stock at any time up to 31 July 2024. The convertible bonds can be redeemed at a price of $1,050 at 31 July 2024. Dragon Corporation has in issue 800,000 warrants, each with an exercise price of $2.50 for one common stock in Dragon Corporation. The warrants can be exercised at any time until 31 July 2024. Reguired: (1) Calculate the value of each convertible bond and each warrant on 31 July 2024, for the following situations: (i) the common stock price of Eagle and Dragon are both $2; (ii) the common stock price of Eagle and Dragon are both $3. (4 marks) (2) Estimate what the market price should have been on 31 July 2019 for each convertible bond if the common stock price on that date was either $2 or $3, given the yield to maturity on ordinary bonds with equivalent risk to Eagle Corporation is 8%. (4 marks) (3) What effect does the expected growth rate of a firm's stock price (subsequent to issue) have on its ability to raise additional funds through convertibles? (2 marks)