Assume you just paid $1.294 for a convertible bond that carries a(n) 7.53% coupon and has 15 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 9.94%. The bond investment value of this issue is $ (Round to the nearest cent.)