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A company has issued bonds which could be converted into common stock.  (Convertible bonds).  At year end none of the bonds has been converted.  Which of the following statements is true?
a)    Primary EPS will be equal to Fully Diluted EPS
b)    Primary EPS will most likely be larger than fully diluted EPS
c)    Fully Diluted EPS will most likely be larger than Primary EPS
d)    Convertible bonds dont affect primary or fully diluted EPS until they are converted.
e)    None of the above

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