A convertible bond has a 8.5 percent coupon, paid semiannually, and will mature in 15 years. If the bond were not convertible, it would be priced to yield 7.5 percent. The conversion ratio on the bond is 30 and the stock is currently selling for $62 per share. What is the minimum value of this bond? (Do not round intermediate calculations. Round your answer to 2 decimal places. Omit the "$" sign in your response.)

Minimum value

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