Call Price. Drake Corporation’s convertible bond has a conversion price of $90. The conversion ratio is 15. The market price of the stock is $130. The call price is $1,800. Would the bondholder rather...

Call Price. Drake Corporation’s convertible bond has a conversion price of $90. The conversion ratio is 15. The market price of the stock is $130. The call price is $1,800. Would the bondholder rather convert to common stock or receive the call price?