You have been hired to value a new 30-year callable, convertible bond. The bond has a coupon rate of 5.6 percent, payable annually. The conversion price is $98, and the stock currently sells for $40.10. The stock price is expected to grow at 12 percent per year. The bond is callable at $1,400, but based on prior experience, it won't be called unless the conversion value is $1,500. The required return on this bond is 9 percent.

What value would you assign to this bond? (Do not round intermediate calculations and round your answer to 2 decimal places., e.g., 32.16.)

Bond value $