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

Steven 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) 7.5 % Conversion ratio 24 Market price 117 % of par Straight value 99 % of par Underlying Stock Characteristics Current market price $ 36 per share Compute the bonds conversion value and conversion price. (Round your conversion price to 2 decimal places. Omit the "$" sign in your response.)

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