You have been hired to value a new 20-year callable, convertible bond, with a $1,000 par value. The bond has a coupon rate of 5 percent, payable annually. The conversion price is $92, and the stock currently sells for $34.10. The stock price is expected to grow at 10 percent per year. The bond is callable at $1,300, but, based on prior experience, it wont be called unless the conversion value is $1,400. The required return on this bond is 7 percent.

What value would you assign to this bond? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)