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The following facts apply to a convertible bond making semiannual payments:      Conversion price $36/share   Coupon...

The following facts apply to a convertible bond making semiannual payments:

  

  Conversion price $36/share
  Coupon rate 5%
  Par value $1,000
  Yield on nonconvertible debentures
  of same quality		 7%
  Maturity 20 years
  Market price of stock $29 /share

  

What is the minimum price at which the convertible should sell?
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