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A convertible bond has a coupon of 7 percent, paid semiannually, and will mature in 20 years. If the bond were not convertible, it would

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A convertible bond has a coupon of 7 percent, paid semiannually, and will mature in 20 years. If the bond were not convertible, it would be priced to yield 6 percent. The conversion ratio on the bond is 15 and the stock is currently selling for $54 per share. What is the minimum value of this bond? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Minimum value

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