The following facts apply to a convertible bond making semiannual payments:

Conversion price	$	43	/share
Coupon rate		6.8	%
Par value	$	1,000
Yield on nonconvertible debentures of same quality		8	%
Maturity		20	years
Market price of stock	$	42	/share

What is the minimum price at which the convertible should sell? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)