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Hello John
I am doing this question, (Phobis), its number 1b-ii. I do not understand how they arrived at the “4.100” in the working for “the floor value of each convertible bond” even though they mention present value of future interest payments, I am not getting that figure. I got the 0.713 though. Can you please explain using the figures provided in the question. I have provided links below for both the question and answer:
https://www.accaglobal.com/content/dam/acca/global/PDF-students/2012/december2007ques.pdf
https://www.accaglobal.com/content/dam/acca/global/PDF-students/2012/december2007ans.pdf
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