Maple Aircraft has issued a convertible subordinated debenture at 6.00% interest due 2020. The conversion price is $64.00 and the debenture is callable at 104.00% of face value. The market price of the convertible is 89.25% of face value, and the price of the common is $58.50. Assume that the value of the bond in the absence of a conversion feature is about 63.25% of face value. Assume a face value of $1,000.
a. What is the conversion ratio of the debenture? (Round your answer to 2 decimal places.)