Steel Dynamics (STLD) Has a Convertible Bond Issue That Matures

Steel Dynamics (STLD) has a convertible bond issue that matures in four years. The bond has a face value of $1,000 and pays a coupon of 5.125%, with interest paid semiannually. The conversion ratio is 56.9801.If the stock of Steel Dynamics is currently priced at $15 a share, what is the conversion value of this bond, to the nearest cent?

A) $854.70
B) $569.80
C) $175.50
D) Until it matures, the conversion value of the bond is equal to its face value of $1,000.