Moving to another question will save this response Question 1 of 3 >> Question 1 34 points Save Answer Red Apple Furniture has issued a 5% convertible subordinated debenture due 2021. The conversion price is $45.50 and the debenture is callable at 102.75% of face value. The market price of the convertible is 92.50% of face value, and the price of the common stock is $35.00. Assume that the value of the bond in the absence of a conversion feature is about 65% of face value. a. What is the conversion ratio? (sample answer: 42.50) b. What is the conversion value? (sample answer: $850.00 or 850.00) c. At what stock price is the conversion value equal to the bond value? Sample answer: $32 50 or 32.50)