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The bonds of Goniff Bank & Trust have a conversion premium of $90. Their conversion price is $20. The common stock price is $16.50. Assume

The bonds of Goniff Bank & Trust have a conversion premium of $90. Their conversion price is $20. The common stock price is $16.50. Assume each bond has a $1,000 par value.

What is the price of the convertible bonds?

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

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