Assume you just paid

$1,249

for a convertible bond that carries a(n)

8.87%

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

12.21%.

The bond investment value of this issue is

$nothing.

(Round to the nearest cent.)