A convertible bond has a coupon of $7$ percent, 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 $20$ and the stock is currently selling for $$40$ per share. What is the minimum value of this bond?

Note: Do not round intermediate calculations. Round your answer to $2$ decimal places.