Chocolate Factory's Convertible Debentures Were Issued at Their $1,000

Chocolate Factory's convertible debentures were issued at their $1,000.00 par value in 2018.At any time prior to maturity on February 1,2038,a debenture holder can exchange a bond for 21 shares of common stock.What is the conversion price of the common stock,P_c? Do not round your intermediate calculations.

A) $47.62
B) $54.76
C) $52.38
D) $38.10
E) $42.86