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A convertible bond has $1,000 par, pays 3.6% annual coupon, and is convertible from now through maturity. Conversion ratio is 35. The convertible bond is

A convertible bond has $1,000 par, pays 3.6% annual coupon, and is convertible from now through maturity. Conversion ratio is 35. The convertible bond is trading at $1,071.53 today. What is the market conversion price of this bond?

Round your answer to 2 decimal places.

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