Suppose the Holder of a $1,000 Par-Value Convertible Bond Is

Suppose the holder of a $1,000 par-value convertible bond is allowed by the bond's accompanying contract (indenture) to convert the bond into 25 shares of common stock. Today, the stock is selling for $60 a share. What is the bond's conversion value as expressed in terms of the market value of stock received?

A) $2,400
B) $1,500
C) $1,000
D) $600
E) None of the above