54 A convertible arbitrage hedge fund manager observes the following information about a convertible bond and the underlying stock:

• Convertible bond par value: $1,000,000
• Bond price: $105
• Annual coupon rate: 5%
• Conversion ratio: 80,000
• Stock price: $20
• Borrowing cost per share: $4

The manager buys the bond and sells the stock short. If the stock price falls by 10% over one year, the per-share profit of this strategy is closest to: