A convertible bond is selling for $1,054.49. It has 5 years to maturity, $1,000 face value, and pays 7.47% cou?

A convertible bond is selling for $1,054.49. It has 5 years to maturity, $1,000 face value, and pays 7.47% coupon interest payments annually. Similar straight bonds (non-convertible) are priced to yield 8%. Calculate the convertible bond's option value
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