ABC Inc has a $1000 par value convertible bond outstanding that matures on 12/1/24. The bond pays a 7% annual coupon, makes semi-annual payments, and can be converted into 40 shares of stock. Assume today is 12/2/22 and the yield on a non-convertible bond with the same coupon, maturity, and credit quality is estimated to be 8% and the current stock price is $30 per share. What is the minimum value of this convertible bond?