You have been hired to value a new 30-year callable, convertible bond. The bond has a coupon rate of 2.3 percent, payable semiannually, and its face value is $1,000. The conversion price is $49, and the stock currently sells for $38.

a.	What is the minimum value of the bond? Comparable nonconvertible bonds are priced to yield 4.6 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? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)