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You own a bond with a face value of $1,000 and a conversion ratio of 350. What is the conversion price? The conversion price for this bond is $ (Round to the nearest cent.)

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter6: Fixed-income Securities: Characteristics And Valuation

Section: Chapter Questions

Problem 8P

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You own a bond with a face value of $1,000 and a conversion ratio of 350. What is the conversion price?
The conversion price for this bond is $
(Round to the nearest cent.)

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