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SaundersThe Following Data Apply to Saunders Corporation's Convertible Bonds -Refer to Scenario: Saunders

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SaundersThe following data apply to Saunders Corporation's convertible bonds:  Maturity: 10 Stock price: $30.00 Parvalue: $1,000.00 Conversion price: $35.00 Annual coupon: 5.00% Straight-debt yield: 8.00%\begin{array}{llll}\text { Maturity: } & 10 & \text { Stock price: } & \$ 30.00 \\\text { Parvalue: } & \$ 1,000.00 & \text { Conversion price: } & \$ 35.00 \\\text { Annual coupon: } & 5.00 \% & \text { Straight-debt yield: } & 8.00 \%\end{array}
-Refer to Scenario: Saunders.What is the bond's conversion value?

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