Diamond Drill has 150,000 shares of stock outstanding at a market price of $46 a share. The holder of a $1,000 face value bond can exchange the bond at any time for 25 shares of stock. What is the conversion price?
A) $40
B) $46
C) $43
D) $25
E) $20
A) $40
Explanation: Conversion price = $1,000/25
Conversion price = $40
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