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You have been hired to value a new 3 0 - year, callable, convertible bond. The bond has a 6 . 5 0 percent coupon

You have been hired to value a new 30-year, callable, convertible bond. The bond has a 6.50 percent coupon rate, payable annually. The conversion price is $168, and the stock currently sells for $53.50. The stock price is expected to grow at 14 percent per year. The bond is callable at $1,330, but based on prior experience, it won't be called unless the conversion value is $1,430. The required return on this bond is 10 percent. What value would you assign to this bond? (Do not round intermediate calculations. Round the final answer to 2 decimal places. Omit $ sign in your response.)
Bond value
$ 2129.69
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