Pacheco Inc. issued convertible bonds 10 years ago. Each bond had an initial term of 30 years, had a face value of $1,000, paid a coupon rate of 11%, and was convertible into 20 shares of Pacheco stock, which was selling for $30 per share at the time. Since then the price of Pacheco shares has risen to $65 and the interest rate has dropped to 8.4%. What are the bonds worth today? Assume bond coupons are paid semiannually. Round the answer to the nearest cent. Please show how to get [PVFA 4.2, 40]