Hilton Hotels Corp. has a convertible bond issue outstanding. Each bond, with a face value of $1,100, can be converted into common shares at a rate of 61.2984 shares of stock per $1,100 face value bond (the conversion rate), or $17.9450 per share. Hiltons common stock is trading (on the NYSE) at $17.53 per share and the bonds are trading at $1,075. a. Calculate the conversion value of each bond. (Round your answer to 2 decimal places. (e.g., 32.16))