You have been hired to value a new 25-year callable, convertible bond. The bond has a 3.9 percent coupon, payable annually. The conversion price is $74, and the stock currently sells for $32.10. The stock price is expected to grow at 11 percent per year. The bond is callable at $1,200, but, based on prior experience, it won't be called unless the conversion value is $1,300. The required return on this bond is 8 percent. What value would you assign?