IMGA, an asset management firm owns a convertible bond that matures in 16 years. The bond is issued by Malmondier Investments and has a coupon rate of 6 percent paid semi-annually, a face value of $1000 and a conversion price of $25. Similar bonds have a current market return of 5.85 percent. The current price of Malmondier investments stock is $26.50 per share. What is the bond value?