Assume you just paid 1,294 for a convertible bond that carries a 6.88?% coupon and has 15 years to maturity. The bond can be converted into 24 shares of? stock, which are now trading at? $50 a share. Find the bond investment value of this ?issue, given that comparable nonconvertible bonds are currently selling to yield 9.16?%.
The bond investment value of this issue is ?$