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The following facts apply to a convertible bond making semiannual payments Conversion price $35/share Coupon Rate 5.4% Par Value $1000 Yield on nonconvertible debentures of

The following facts apply to a convertible bond making semiannual payments

Conversion price $35/share Coupon Rate 5.4% Par Value $1000 Yield on nonconvertible debentures of same quality 7% Maturity 30yrs Market Price of Stock $34/share
What is the minimum price at which the convertible should sell? (Do not round intermediate calculations and round your final answer to 2 decimal places

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