Standard Olive Company of California has a $1,000 par value convertible bond outstanding with a coupon rate of 10 percent and a maturity date of 20 years. It is rated Aa, and competitive, nonconvertible bonds of the same risk class carry a 10 percent yield. The conversion ratio is 20 . Currently the common stock is selling for $30 per share on the New York Stock Exchange. a. What is the conversion price? (Round your answer to 2 decimal places.)