A Convertible Bond Has a $1,000 Par Value, a 7

A convertible bond has a $1,000 par value, a 7 percent, semi-annual coupon, and a time to maturity of 6 years. The bond has a conversion ratio of 20. Comparable, non-convertible bonds have a yield to maturity of 6.7 percent. Shares are trading at a price of $54 apiece. What is the minimum price of this bond?

A) $1,080.00
B) $1,084.32
C) $1,076.28
D) $1,065.41
E) $1,014.54