STB Corp. has just issued a 30-year, callable, convertible bond with 6% annual coupon payments. The bond has a conversion price of $130. The company's stock is selling for $26 per share. The owner of the bond will be forced to convert if the bond's conversion value is ever greater than or equal to $1,100. The required return on an otherwise identical non-convertible bond is 11%.

1. What is the minimum value of the bond
2. If the stock price were to grow by 13% per year forever, how long would it take for the bond's conversion value to exceed $1,100.