Multiple Part: The next 4 problems must be kept together; all use the data in Exhibit 20.1. ? Exhibit 20.1 ? The following data apply to Saunders Corporation's convertible bonds: Maturity13 Stock price $34.00 Par value $1,000 Conversion price $43.00Annual coupon 5.20% Straight-debt yield 9.80% Refer to Exhibit 20.1. What is the minimum price (or "floor" price) at which the Saunders' bonds should sell?
A. $669.83
B. $632.56
C. $830.23
D. $869.77
E. $790.70
Answer: E
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