Vital Silence Corporation has just issued a 30-year callable, convertible bond with a coupon rate of 5 percent and annual coupon payments. The bond has a conversion price of $78. The company's stock is selling for $24 per share. The owner of the bond will be forced to convert if the bond's conversion value is ever greater than or equal to $1,100. The required return on an otherwise identical nonconvertible bond is 7 percent. Assume a par value of $1,000. a. What is the minimum value of the bond? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. If the stock price were to grow by 10 percent per year forever, how long would it take for the bond's conversion value to exceed $1,100 ? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)