Question 18: You have been hired to determine the conversion value of a convertible bond. The bond has a face value of $1,000. The convertible bond has a coupon rate of 9.2%. The coupons are paid annually. The bond has 45 years to maturity. The bond is sold at par. The conversion price is $50.00. The current stock price is $25.75. The company's straight bonds that mature in 45 years have a yield to maturity of 14.4%. What is the value of the call options embedded in the bond? a) $485.00 b) $360.26 c) $515.00 d) $639.74 e) None of the above