Price a convertible bond with par=$1000, conversion ratio=19, annual coupon rate=9.8%, and 2 years to maturity. The bond is callable at 101% par in year 1, and convertible from year 1 through maturity.

Assume annual compounding, a constant one-year discount rate of 10%, and the following binomial model for stock price evolution. Round your answer to 2 decimal places.

t = 0

t = 1

t = 2

71.97

59.49

50.6

50.6

42.78

32.17