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Assume you just paid ​$1,291 for a convertible bond that carries​ a(n) 7.25​% coupon and has...

Assume you just paid ​$1,291 for a convertible bond that carries​ a(n) 7.25​% coupon and has 15 years to maturity. The bond can be converted into 24 shares of​ stock, which are now trading at​ $50 a share. Find the bond investment value of this​ issue, given that comparable nonconvertible bonds are currently selling to yield 9.66​%

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