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The following facts apply to a convertible bond making semiannual payments: Conversion price $ 39 /share Coupon rate 2.8 % Par value $ 1,000 Yield

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

Conversion price $ 39 /share
Coupon rate 2.8 %
Par value $ 1,000
Yield on nonconvertible debentures of same quality 3 %
Maturity 20 years
Market price of stock $ 38 /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.)

Minimum price $

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