You have been hired to value a new 30-year callable, convertible bond. The bond has a coupon rate of 7.2 percent, payable semiannually, and its face value is $1,000. The conversion price is $66, and the stock currently sells for $53. a. What is the minimum value of the bond? Comparable nonconvertible bonds are priced to yield 8 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