What is the price of the convertible bonds

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Reference no: EM131607206

The bonds of Goniff Bank & Trust have a conversion premium of $36. Their conversion price is $15. The common stock price is $13.50. Assume each bond has a $1,000 par value.

What is the price of the convertible bonds? (Do not round intermediate calculations and round your answer to 2 decimal places.)

Reference no: EM131607206

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