You have been hired to value a new 25-year, callable, convertible bond. The bond has a 7.10 percent coupon rate, payable annually. The conversion price is $153, and the stock currently sells for $38.50. The stock price is expected to grow at 12 percent per year. The bond is callable at $1,180, but based on prior experience, it won't be called unless the conversion value is $1,280. The required return on this bond is 9 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 $ 813.37