A company issued $30 million 4% convertible bonds on 1 April 2010.  The bonds can be converted into equity shares on 31 March 2013 on the basis of 30 equity shares for each $100 of bond.

The company would have to pay an interest of 9% per annum to attractive investors.

The present value at 4% and 9% of $1 receivable at end of:

                                  4%             9%

      Year 1                       0.96             0.92

      Year 2                       0.93             0.84

      Year 3                       0.89             0.77

Required:

Please calculate the amount of equity and liability component.