Question: Raidit Corp. convertible bonds have a $1,000 face value, a 11.2% coupon paid semiannually, and 10 years to maturity. The bond is currently selling for

Raidit Corp. convertible bonds have a $1,000 face value, a 11.2% coupon paid semiannually, and 10 years to maturity. The bond is currently selling for $1,060.74 per bond. The bond can be converted into 50 shares of Raidit common stock. The corporation's common stock is currently trading at $22.72 per share. What is the conversion value of the corporation's convertible bond? Submit your final answer rounded to two decimal places (Ex. $0.00).

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