A bond with a par value of 1000 and a nominal annual coupon rate of 6% paid semiannually (3% at the end of each 6-month period) is redeemable for 1100. The bond is purchased at P to yield 8% convertible semiannually. The absolute difference between the book value after the 15th coupon and the book-value after the 16th coupon is 3.54. Calculate P.