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Convertible debentures conversion price to common stock: B&O

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B&O Railroad's convertible debentures were issued at their $1,000 par value in 1998. At any time prior to maturity on February 1, 2018, a debenture holder can exchange a bond for 25 shares of common stock. What is the conversion price, Pc?

$25
$1,000
$40
$1,025
$50

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B&O Railroad's convertible debentures were issued at their $1,000 par value in ...

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This solution is comprised of a detailed explanation to answer what is the conversion price, Pc.

$2.19