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Steven Long, a bond analyst, is analyzing a convertible bond. The characteristics of the bond are given below. Convertible Bond Characteristics Par value $1,000 Annual

Steven Long, a bond analyst, is analyzing a convertible bond. The characteristics of the bond are given below. Convertible Bond Characteristics Par value $1,000 Annual coupon rate (annual pay) 7.68 Conversion ratio 30 Market price 1218 of par Straight value 998 of par Underlying Stock Characteristics Current market price $ 32 per share ences Compute the bond's conversion value and conversion price. (Round your conversion price to 2 decimal places.) Conversion value Conversion price

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