You have been hired to value a new 25-year callable, convertible bond. The bond has a 5.7% coupon, payable annually. The conversion price is $18, and the stock currently sells for $4.11. The stock price is expected to grow at 10% per year. The bond is callable at $110, but, based on prior experience, it wont be called unless the conversion value is $120. The required return on this bond is 7%. Assume par value of the bond is $100