A convertible bond has a 6 percent coupon paid, Financial Management

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A convertible bond has a 6 percent coupon paid

A convertible bond has a 6 percent coupon, paid semi-annually, and will mature in 18 years. If the bond were not convertible, it would be priced to yield 5 percent. The conversion ratio on the bond is 30 and the stock is currently selling for $39 per share. What is the minimum value of this bond? (Round your answer to 2 decimal places. Omit the "$" sign in your response.)

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