USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM(S)

Multiple Choice

USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM(S)
BioTech Industries has debentures outstanding (par value $1,000) convertible into the company's common stock at $30. The coupon rate is 11 percent payable semiannually, and they mature in 10 years.
-Refer to Exhibit 16.9. Calculate the conversion value of the bond if the stock price is $27.00 per share.

A) $600.00
B) $700.00
C) $800.00
D) $900.00
E) $1,000.00