The conversion ratio on the bond is 15 and the stock is, Financial Management

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The conversion ratio on the bond is 15 and the stock is

A convertible bond has a coupon of 7 percent, paid semiannually, and will mature in 20 years. If the bond were not convertible, it would be priced to yield 6 percent. The conversion ratio on the bond is 15 and the stock is currently selling for $54 per share. What is the minimum value of this bond? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Minimum value:

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Financial Management: The conversion ratio on the bond is 15 and the stock is

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Financial Management: The conversion ratio on the bond is 15 and the stock is

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