Question: A ( $ 1,000 ) par value bond with an annual coupon rate of 5, and callable at ( $ 1,050 ), can be converted

A \\( \\$ 1,000 \\) par value bond with an annual

A \\( \\$ 1,000 \\) par value bond with an annual coupon rate of \5, and callable at \\( \\$ 1,050 \\), can be converted into 18 shares of common stock. Currently, common stock sells for \\( \\$ 55 \\) and the bond sells for \\( \\$ 1,020 \\). How much will this bond be worth upon conversion (conversion value)? \\[ \\begin{array}{l} \\$ 1,020 . \\\\ \\$ 1,050 . \\\\ \\$ 1,055 . \\\\ \\$ 1,000 . \\\\ \\$ 990 . \\\\ \\$ 950 . \\end{array} \\]

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