Sean Thorton has invested in a convertible bond issued by Cohan Enterprises. The conversion ratio is 20. The market price of Cohan common stock is $60 per share. The face value is $1000. The coupon rate is 8 percent and the annual interest is paid until maturity date 10 years from now. Similar nonconvertible bonds are yielding 12 percent (YTM) in the marketplace. Calculate the straight bond value of this bond. (Please show work)