Suppose you have a 9% bond that pays semi-annual coupons and will mature in 20 years. The face value is $1,000 and the yield to maturity on similar bonds is 8%. The bond is also convertible with a conversion price of $75. The stock is currently trading for $99. What is the minimum price of the bond?

A) 757 B) 1,098 C) 1000 D) 1,320 E) 902