The following facts apply to a convertible bond making semiannual payments: Conversion price$35/share Coupon rate 5.

The following facts apply to a convertible bond making semiannual payments:      Conversion price$35/share  Coupon rate 5.4%  Par value$1,000   Yield on nonconvertible debentures of same quality 7%  Maturity 30 years  Market price of stock$34/sharea.What is the minimum price at which the convertible should sell? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))

  Minimum price