ABC, Inc., has an outstanding convertible bond. The bond can be converted into 15 shares of common equity (currently trading at $60/share). The bond has five years of remaining maturity, a $1,000 par value, and a 7% annual coupon. The companys straight debt (non-convertible) with the same characteristics is currently trading to yield 5%. What is the minimum price of the bond? (Hint: convertible bonds price must exceed the price of non-convertible or the value of conversion)