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Straight bond yield 7%
Current stock price $22.00
Expected growth rate in stock price 7%
Dividend yield 4%
Par value (and issue price) of convertible bond $1,000.00
Coupon rate on convertible bond 6.00%
Maturity of convertible bond (years) 20
Conversion ratio 32
Call protection period (years) 5
Call price when call protection ends $1,090.00
Call price decline per year after protection period $6.00
Policy for call: Call when conversion value exceeds this percent over bond's par value 25%
Problem 1: What is the expected rate of return (i.e., before-tax component cost) on the proposed convertible issue?
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