Exhibit 20 -Refer to Exhibit 20

Exhibit 20.1
The following data apply to Neuman Corporation's convertible bonds: $\begin{array}{c}\begin{array}{lll}\text {Maturity:}\\\text {Par value:}\\\text {Annual coupon:}\end{array}\begin{array}{lll}\text{ 10 Stock price:}\\\text {\$ 1,000.00 Conversion price:}\\\text {5.00 \% Straight-debt yield:}\end{array}\begin{array}{l}\$ 30.00 \\\$ 35.00 \\8.00 \% \end{array}\end{array}$

-Refer to Exhibit 20.1.What is the bond's straight-debt value?

A) $684.78
B) $720.82
C) $758.76
D) $798.70
E) $838.63