Pittsburgh Steel Company has a convertible bond outstanding, trading in the marketplace at $$960.$ The par value is $$1,000,$ the coupon rate is $10$ percent, and the bond matures in $20$ years. The conversion price is $$55,$ and the company$$s common stock is selling for $$48$ per share. Interest is paid semiannually. If nonconvertible bonds of similar risk are currently yielding $12$ percent, what will be the pure bond value of the Pittsburgh Steel Company bonds? $($Use semiannual analysis.$)$