This is the question and solution however i do not know how to calculate it, please provide step by step on how the numbers are calculated

Balatbat Ltd issued $20 million of convertible notes on 1 July 2006. The notes have a life of 6 years and a face value of $20 each. Annual interest of 5 per cent is payable at the end of each year. The notes were issued at their face value and can be converted at any time over their lives. Organisations with a similar risk profile to Balatbat Ltd have issued debt with similar terms but without the option to convert at the rate of 7 per cent.

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