Problem $25-17$ Convertible bonds

Maple Aircraft has issued a $4\%$ convertible subordinated debenture due $2023.$ The conversion price is $$47\mathrm{.}00$ and the debenture is callable at $102\mathrm{.}75\%$ of face value. The market price of the convertible is $91\%$ of face value, and the price of the common is $$41\mathrm{.}50.$ The value of the bond in the absence of a conversion feature is about $65\%$ of face value. Assume a face value of $$1,000.$

What is the conversion ratio of the debenture?

Note: Round your answer to $2$ decimal places

If the conversion ratio were $50,$ what would be the conversion price?

Note: Round your answer to $2$ decimal places.

For the remaining questions, assume the conversion price is $$47\mathrm{.}00$ as stated in the original problem.

What is the conversion value?

Note: Enter your answer as a percent rounded to $3$ decimal places.

At what stock price is the conversion value equal to the bond value?

Note: Do not round intermediate calculations.Round your answer to $2$ decimal places.

Can the market price be less than the conversion value? Assume the investor is free to convert immediately.

How much is the convertible holder paying for the option to buy one share of common stock?

Note: Do not round intermediate calculations.Round your answer to $2$ decimal places.

By how much does the common have to rise by $2023$ to justify conversion?

Note: Do not round intermediate calculations.Enter your answer as a percent rounded to $2$ decimal places.