You have been hired to value a new 30-year callable, convertible bond with a par value of $1,000. The bond has a coupon rate of 9 percent, payable quarterly. The conversion price is $84 and the stock currently sells for $50. The stock price is expected to grow at 10 percent per year for the next 5 years and 4 percent per year thereafter. The bond is callable at $1100 but based on prior experience, the bond will not be called unless the conversion value is $1300. The required return on this bond is 8 percent. What value would you assign to this bond? Do not round intermediate values and enter your final answer rounded to the nearest cent.