Connelly, Inc. has 9% conveible bonds that were issued at par, but are now worth $1,100. The bonds can be converted into 30 shares of common stock. The company's common stock currently sells for $37.50. Which of the following statements is correct?
- Market interest rates have decreased since the bonds were issued.
- Market interest rates have increased since the bonds were issued.
- Market interest rates have remained the same since the bonds were issued.
- Need more information
- None of the above