R Inc. recentl issued $3.1 million worth of 7 percent convertible debentures. Each convertible bond has a face value of $1,000. Each convertible bond can be converted into 21.6 shares of common stock anytime before maturity. The stock price is $38.25, and the market value of each bond is $1,180. What is the conversion ratio? a) 26.20 Ob) 46.30 c) 24.01 d) 21.60