Vernon Glass Company has $20 million in 10 percent convertible bonds outstanding. The conversion ratio is 45, the stock price is $16, and the bond matures in 20 years. The bonds are currently selling at a conversion premium of $45 over their conversion value. If the price of the common stock rises to $22 on this date next year, what would your rate of return be if you bought a convertible bond today and sold it in one year? Assume on this date next year, the conversion premium has shrunk from $45 to $15.