Hello! I need the step by step solution of the question below. If you use Excel, please provide all steps. THANKS! A company has an outstanding convertible bond. The bond can be converted into 20...

Hello! I need the step by step solution of the question below. If you use Excel, please provide all steps. THANKS!

A company has an outstanding convertible bond. The bond can be converted into 20 shares of common equity (currently trading at $52/share). The bond has five years of remaining maturity, a $1,000 par value, and a 6% annual coupon. Company's straight debt is currently trading to yield 5%. What is the minimum price of bond?