Problem $18-6$ Convertible Bonds $($LO$3,$ CFA$5)$

A convertible bond has a coupon of $7\mathrm{.}5$ percent, paid semiannually, and will mature in $10$ years. If the bond were not convertible, it would be priced to yield $6\mathrm{.}5$ percent. The conversion ratio on the bond is $15$ and the stock is currently selling for $$50$ per share. What is the minimum value of this bond?

Note: Do not round intermediate calculations. Round your answer to $2$ decimal places.