A convertible bond pays interest annually at a coupon rate of 8 percent on a par value of $1,000. The bond has 4 years maturity remaining and the discount rate on otherwise identical non-convertible debt is 4 percent. The bond is convertible into 55 shares of common stock. Today's closing stock price was $20. What is the approximate floor value of this bond?

Question 4 options: $1,000. $953. $1,100. $1,056. $867. $1,234. $1,145.