Moniker Manufacturing's bonds were recently issued at their $1,000 par value. At any time prior to maturity (20 years from now), a bondholder can exchange a bond for a share of common stock at a conversion price of $10. What is the conversion ratio? Do not round your intermediate calculations.
A. 85.00
B. 120.00
C. 100.00
D. 110.00
E. 75.00
Answer: C
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