Assume you just paid $1,224

for a convertible bond that carries a(n) 8.44%

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 thisissue, given that comparable nonconvertible bonds are currently selling to yield 10.84%.

(Round to the nearest cent.)