Sean Thornton has invested in a convertible bond issued by Cohn Enterprises The conversion ratio is 20. The market price of Cohan common stock I $60 per shre. The face value ise $1000. The coupon rate is 8 percent and the annual interest is paid until the maturity date 10 year from ow. imiar nonconvertible bons are yielding 12 percent (YTM) I the marketplace. Caculate the straight bond value of this bond.