You have been hired to value a new 20 -year, callable, convertible bond. The bond has a 7.00 percent coupon rate, payable annually. The conversion price is $152, and the stock currently sells for $37.50. The stock price is expected to grow at 11 percent per year. The bond is callable at $1,170, but based on prior experience, it won't be called unless the conversion value is $1,270. The required return on this bond is 10 percent. What value would you assign to this bond? (Do not round intermediate calculations. Round the final answer to 2 decimal places. Omit $ sign in your response.) Bond value