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

Conversion price	$	40	/share
Coupon rate		4.4	%
Par value	$	1,000
Yield on nonconvertible debentures of same quality		5	%
Maturity		30	years
Market price of stock	$	39	/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.)