A company has just sold a Rs 1,000, 20-year, 12% convertible debenture. The interest is paid every year at the year-end but the principal is paid at maturity. Had it not been a convertible debenture,...

A company has just sold a Rs 1,000, 20-year, 12% convertible debenture. The interest is paid every year at the year-end but the principal is paid at maturity. Had it not been a convertible debenture, it could have been sold with a 16% coupon. Find the value of the convertible debenture.