There is a 10-year convertible bond; it is a par bond with a face value of $1,000. The annual coupon rate is 10% and each bond can be converted to 15 common stocks. The yield of a similar non-convertible bond is 12.5%. The stock price is $50.00 with a constant dividend growth rate of 3%. Calculate the floor price of this convertible bond at the end of year 4. This is an annual bond.