Question: You own a callable bond which also can be converted into stocks. The bonds can be called at the price of 104. The face value

You own a callable bond which also can be converted into stocks. The bonds can be called at the price of 104. The face value of the of the bond is $1,000. If the bonds are called, what should be the minimum conversion ratio, convincing you to convert your bond instead of selling back your bond? The stock price at the time of call is $35.

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