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 63.404 shares of stock per $1,000 face value bond (the conversion rate). Hiltons common stock is trading (on the NYSE) at $67.67 per share and the bonds are trading at 67 percent of face value..

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