Problem 19-11 Pure bond value and change in interest rates [LO19-3] Pittsburgh Steel Company has a convertible bond outstanding, trading in the marketplace at $890. The par value is $1,000, the coupon rate is 8 percent, and the bond matures in 15 years. The conversion price is $35 and the company's common stock is selling for $28 per share. Interest is paid semiannually. If the interest rate on similar bonds that are not convertible are currently yielding 12 percent, what will be the pure bond value of the Pittsburgh Steel Company bonds? (Use semiannual analysis.) Use Appendix Band Appendix D as an approximate answer, but calculate your final answer using the formula and financial calculator methods. (Do not round intermediate calculations. Round your final answer to 2 decimal places.) Bond value