Hilton Hotels Corp. has a convertible bond issue outstanding. Each bond, with a face value of $1,000, can be converted into common shares at a rate of 61.2983 shares of stock per $1,000 face value bond (the conversion rate), or $16.316 per share. Hiltons common stock is trading (on the NYSE) at $15.90 per share and the bonds are trading at $975.

a.	Calculate the conversion value of each bond. (Round your answer to 2 decimal places. (e.g., 32.16))

Conversion value

$