You have been hired to value a new 25-year callable-convertible bond. The bond has a 6% coupon, payable semi-annually, and its face value is $1,000. The conversion price is $50 and the stock currently sells for $35. Calculate the minimum value of the bond. Comparable nonconvertible bonds are priced to yield 8%. (Do not round intermediate calculations. Round the final answer to 2 decimal places. Omit any commas and the $ sign in your response. For example, an answer of $1,000.50 should be entered as 1000.50.)