Supreme Industries Issues the Following Announcement to Holders of an Issue

Multiple Choice

Supreme Industries issues the following announcement to holders of an issue of callable,convertible notes: "Prior to the close of business on May 17,2011,holders may convert their Notes into shares of Supreme Industries common stock at 28.45 shares of Supreme Industries common stock per $1000 principal amount of the Notes.Cash will be paid in lieu of fractional shares.On April 16,20011,the last reported sale price of Supreme Industries common stock on the NYSE was $22.51 per share."
If on May 17,Supreme Industries is trading as $24.80,what is the value of common stock a holder of a $1,000 note would receive?

A) $787.51
B) $791.21
C) $694.40
D) $871.70
E) $1,000