You have been hired to value a new $25-$year callable, convertible bond. The bond has a

coupon rate of $2\mathrm{.}1$ percent, payable annually. The conversion price is $$54,$ and the stock

currently sells for $$26\mathrm{.}45.$ The stock price is expected to grow at $11$ percent per year. The

bond is callable at $$1,200,$ but, based on prior experience, it won't be called unless the

conversion value is $$1,300.$ The required return on this bond is $8$ percent.

What value would you assign to this bond? $($Do not round intermediate calculations

and round your answer to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$