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A convertible bond has a coupon of 6 percent, paid semiannually, and will mature in 18...

A convertible bond has a coupon of 6 percent, paid semiannually, 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? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

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