You have been hired to value a new 20 -year callable, convertible bond. The bond has a coupon rate of 8.4 percent, payable semiannually, and its face value is $1,000. The conversion price is $67, and the stock currently sells for $54. a. What is the minimum value of the bond? Comparable nonconvertible bonds are priced to yield 9 percent. (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. What is the conversion premium for this bond? (Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)