Perry Co has in issue $9\mathrm{.}5\%$ bonds, which are redeemable at their nominal value of RM$100$ in five years$$ time. Alternatively each bond may be converted in three years$$ time into $24$ ordinary shares of the company. The current ordinary share of Perry Co is RM$4\mathrm{.}35$ and this is expected to grow at a rate of $5\mathrm{.}5\%$ annually for the foreseeable future. Perry Co has a before$-$tax cost of debt of $7\mathrm{.}5\%$ per year, with the tax rate of $28\%.$ Required:$($a$)$ Calculate market value of each convertible bond.

$($b$)$ Calculate floor value of each convertible bond.

$($c$)$ Calculate the conversion premium of each convertible bond