Hilton Hotels Corp. has a convertible bond issue outstanding. Each bond, with a face value of $1,600, can be converted into common shares at a rate of 61.3004 shares of stock per $1,600 face value bond (the conversion rate), or $26.1010 per share. Hiltons common stock is trading (on the NYSE) at $25.68 per share and the bonds are trading at $1,575.

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

Conversion value

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