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Benchmark Co has made an issue of 10% convertible bonds with a par value of $100. The bonds can be redeemed in three years' time at $120, or converted into shares at the rate of 50 shares per $100 bond. At which of the following share prices would an investor opt to take the shares? A. $2.50 B. $2.00 C. $1.50 D. $1.00 |