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The following facts apply to a convertible bond making semiannual payments: $47/share 9% $1,000 Conversion price Coupon rate Par value Yield on nonconvertible debentures of

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The following facts apply to a convertible bond making semiannual payments: $47/share 9% $1,000 Conversion price Coupon rate Par value Yield on nonconvertible debentures of same quality Maturity Market price of stock 11.5% 20 years $39 /share What is the minimum price at which the convertible should sell

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