Xonnel Industries plans to issue 20-year convertible debentures with a $1000 face value, each convertible into 50 shares. While non-convertible debentures issued at par would carry a coupon of 7.16%, these debentures will carry a coupon of 5.75%. Xonnel Industries shares sell for $13.40 and paid an annual dividend of $0.40 this past year. The firm's long-term growth rate is expected to be 6%, and the firm plans to call the debenture, forcing conversion, when the bonds are selling 20% above par value. (a) What would be the straight bond value of the debenture assuming it had no conversion value? (3 marks) (b) When is it expected that the firm will call the bonds? (2 marks) (c) What is the conversion premium at the time of issue, expressed as a percentage? (2 marks) (d) What is the fair market value price of the bond at issue