A convertible bond has a 7 percent coupon, paid semiannually, and will mature in 18 years. If the bond were not convertible, it would be priced to yield 6 percent. The conversion ratio on the bond is 25 and the stock is currently selling for $38 per share. What is the minimum value of this bond? (Do not round intermediate calculations. Round your answer to 2 decimal places. Omit the "$" sign in your response.) Minimum value $