You have been hired to value a new 20-year callable, convertible bond. The bond has a 5.6 percent coupon, payable semiannually, and its face value is $1,000. The conversion price is $75, and the stock currently sells for $62. a. What is the minimum value of the bond? Comparable nonconvertible bonds are priced to yield 6 percent. (Do not round your intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16)) Minimum value of the bond $ 953.8144 b. What is the conversion premium for this bond? (Round your answer to 2 decimal places. (e.g., 32.16)) Conversion premium %