Spring Co. issued $1,000 par value bonds with a 5% coupon rate, convertible into 20 share of Spring Co. common stock. When the bonds were issued the stock traded at $35 per share. The stock is now at $55 per share and pays a $1.00 per share annual dividend. What is this bonds current conversion value?

		$1,100
		$1,000
		$1,120
		$700