The following data apply to Nembhard's Corporation convertible bonds. Maturity 15 Par value $1,000 Annual coupon 9% $45.00 Stock price Conversion price $50.00 Straight-debt yield 12% (a) What is the bond's conversion ratio (2 marks) (b) What is the bond's initial conversion value when issued? (2 marks) (c) What is the bond's straight-debt value at the time of issue? (3 marks) (d) What is the floor price at which Nembhard's bonds should sell? (2 marks)