Exhibit 20 -Refer to Exhibit 20

Exhibit 20.1
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The following data apply to Saunders Corporation's convertible bonds: $\begin{array}{lrlr}\text { Maturity } & 13 & \text { Stock price } & \$ 34.00 \\\text { Par value } & \$ 1,000 & \text { Conversion price } & \$ 43.00 \\\text { Annual coupon } & 5.20 \% & \text { Straight-debt yield } & 9.80 \%\end{array}$
-Refer to Exhibit 20.1.What is the minimum price (or "floor" price) at which the Saunders' bonds should sell?

A) $669.83
B) $632.56
C) $830.23
D) $869.77
E) $790.70