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Harrison owns a convertible bond with an 6% annual coupon and a $1,000 face value. It matures in 15 years and can be exchanged for 40 shares of Ford stock, which is trading at $24 per share. Similar nonconvertible bonds are priced to yield 6.5%. The value of the convertible bond is at least ?

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Harrison owns a convertible bond with an 6% annual coupon and a $1,000 face value. It matures in 15...

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