Assume you just paid $$1,229$ for a convertible bond that carries a$($n$)7\mathrm{.}19\%$ coupon and has $20$ years to

maturity. The bond can be converted into $24$ shares of stock, which are now trading at $$50$ a share. Find the

bond investment value of this issue, given that comparable nonconvertible bonds are currently selling to yield

$9\mathrm{.}27\%.$

The bond investment value of this issue is $

$($Round to the nearest cent.$)$