Sherwood Forest Products has a convertible bond quoted in the bond market at 80. (Bond quotes represent percentage of par value. Thus, 70 represents $700, 80 represents $800, and so on.) It matures in 10 years and carries a coupon rate of 7.0 percent. The conversion ratio is 20, and the common stock is currently selling for $36 per share on the TSX. The bond maturity value is $1,000. a. Calculate the conversion premium. Conversion premium $ b. At what price does the common stock need to sell for the conversion value to be equal to the current bond price? (Round the final answer to 2 decimal places.) Stock price $