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Minimum the bond would be trading for on the open market

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Reference no: EM131682173

You purchased a $10,000 convertible bond from Ajax Corporation at issue. At the time the bond was issued, Ajax's stock traded at $15 per share. Ajax offered a conversion privilege of 20 shares of common stock per $1,000 in bonds. This stock now trades at $60. Assuming there are no costs to convert the bonds to stock, what is the minimum the bond would be trading for on the open market?

Reference no: EM131682173

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