Schenkel, Inc., has a $1,000 face value convertible bond issue that is currently selling in the market for $890. Each bond is exchangeable at any time for 37 shares of the company's stock. The convertible bond has a 5.2 percent coupon, payable semiannually. Similar nonconvertible bonds are priced to yield 9 percent. The bond matures in 10 years. Stock in Schenkel sells for $23 per share. a-1 What is the conversion ratio? Conversion ratio 37 a-2 What is the conversion price? (Round your answer to 2 decimal places. (e.g., 32.16)) Conversion price 27.03 a-3 What is the conversion premium? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16)) Conversion premium 17.52% b-1 What is the straight bond value? (Do not round intermediate calculations and round your answer to 2 decimal places. (e.g., 32.16)) Straight bond value $ b-2 What is the conversion value? Conversion value 851 c What would the stock price have to be for the conversion value and the straight bond value to be equal? (Do not round intermediate calculations and round your answer to 2 decimal places. (e.g., 32.16)) Stock price $ d What is the option value of the bond? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16)) Option value $