Chocolate Factory's convertible debentures were issued at their $1,000 par value in 2009. At any time prior to maturity on February 1, 2029, a debenture holder can exchange a bond for 25 shares of common stock. What is the conversion price, Pc?
(a) $40.00
(b) $42.00
(c) $44.10
(d) $46.31
(e) $48.62