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What is the minimum price at which this bond should sell

Question:

A convertible bond pays a 10% coupon, with semiannual payments, has a $1,000 face value, matures in 10 years, and is convertible into 40 shares of the firm's common stock. The stock is currently selling for $30 a share. If similar risk bonds are currently yielding 8%, what is the minimum price at which this bond should sell?

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Finance Basics: What is the minimum price at which this bond should sell

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Finance Basics: What is the minimum price at which this bond should sell

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