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Assume you just paid $1.236 for a convertible bond that carries a(n) 7.83% coupon and...

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Assume you just paid $1.236 for a convertible bond that carries a(n) 7.83% coupon and has 20 years to maturity. The bond can be converted into 24 shares of stock, which are now trading at $50 a share. Find the bond investment value of this issue, given that comparable nonconvertible bonds are currently selling to yield 10.36%. The bond investment value of this issue is $ (Round to the nearest cent.)

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