A 12-year maturity convertible bond with a face value of $1,000 and a 7% coupon on a company with a bond rating of Aaa is selling for $1,200. The bond pays interest annually. Each bond can be exchanged for 20 shares, and the stock price currently is $50 per share. Other Aaa-rated bonds with the same maturity would sell at a yield to maturity of 9%. What is the value of the bondholders call option? (Do not round intermediate calculations. Round your answer to 2 decimal places.)