Question: Ashton Long, a bond analyst, is analyzing a convertible bond. The characteristics of the bond are given below. Convertible Bond Characteristics Par value$1,000 Annual coupon

Ashton Long, a bond analyst, is analyzing a convertible bond. The characteristics of the bond are given below.

Convertible Bond Characteristics

Par value$1,000

Annual coupon rate (annual pay)6.3%

Conversion ratio29

Market price118% of par

Straight value99% of par

Underlying Stock Characteristics

Current market price$31per share

Compute the bond's conversion value and conversion price.(Round your conversion price to 2 decimal places.)

Conversion Value:

Conversion Price:

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