P17-13 (similar to) Question Help Determining values -Convertible bond Eastern Clock Company has an outstanding issue of convertible bonds with a $2,000 par value. These bonds are convertible into 50 shares of common stock. They have a 14% annual coupon interest rate and a 14-year maturity. The interest rate on a straight bond of similar risk is currently 8%. a. Calculate the straight bond value of the bond. b. Calculate the conversion (or stock) value of the bond when the market price of the common stock is $45 per share. c. What is the least you would expect the bond to sell for, regardless of the common stock price behavior? a. The straight value of the bond is $ (Round to the nearest cent.)