Atlas Anglers Inc. is considering issuing a 16-year convertible bond that will be priced at its $1,000 par value. The bonds have a 7.5% annual coupon rate, and each bond can be converted into 21 shares of common stock. The stock currently sells at $38.00 a share, has an expected dividend in the coming year of $3.80, and has an expected constant growth rate of 5.9%. What is the estimated floor price of the convertible at the end of Year 3 if the required rate of return on a similar straight-debt issue is 9.8%?