Today is the morning of Jan 2, Year 5. XYZ Inc has exchange-listed convertible bonds outstanding. The coupon rate is 7.75% with the coupon payable every six months. The yield is 6.49% compounded semi-annually. The maturity is on July 2, Year 14 (i.e. in 9.5 years), and the coupon is payable every January 2 and July 2. Each $1,000 face value convertible bond converts into 52 XYZ shares. The XYZ shares are currently trading at $20.90 per share. The delta of long-dated, at-the-money XYZ call options is 0.8 and is not expected to change with short-term changes in prices of the underlying. Comparable plain-vanilla (non-convertible) bonds with the same maturity, coupon, and credit risk are yielding 6.91%. What is the convertible bond's embedded call option value ($ value per option) at the current prices if each option represents a right to purchase one common share?