Florida Enterprises is considering issuing a 10-year convertible bond that will be priced at its $1,000 par value. The bonds have an 5.0 percent annual coupon rate, and each bond can be converted into 25 shares of common stock. The stock currently sells at $34 a share, has an expected stock price growth rate of 3.0 percent into the future. What is the estimated floor price of the convertible at the end of Year 4 if the required rate of return on a similar straight-debt issue is 5.5 percent?

$956,$975,$983,$989,994