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The following facts apply to a convertible bond making semiannual payments: Conversion price Coupon rate $43/share 5% Par value $1,000 Yield on nonconvertible debentures 7.5%

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The following facts apply to a convertible bond making semiannual payments: Conversion price Coupon rate $43/share 5% Par value $1,000 Yield on nonconvertible debentures 7.5% of same quality Maturity 15 years $40 /share Market price of stock What is the minimum price at which the convertible should sell

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