Question: Chocolate Factory's convertible debentures were issued at their $1,000 par value in 2007. At any time prior to maturity on February 1, 2027, a debenture holder can exchange a bond for 25 shares of common stock. What is the conversion price, Pc?
a. $40.00
b. $42.00
c. $44.10
d. $46.31
e. $48.62