Assume you just paid $1,296 for a convertible bond that carries a(n) 7.93% coupon and has 20 years to maturity. The bond can be converted into 24 shares of stock, which are now trading at $50 a share. Find the bond investment value of this issue, given that comparable nonconvertible bonds are currently selling to yield 11.09%. The bond investment value of this issue is $ (Round to the nearest cent.)