YunJun, Inc. is contemplating to issue a convertible bond that would be priced at its $1,000 par value. The bonds would have a 9.00% annual coupon, and each bond could be converted into 25 shares of...

YunJun, Inc. is contemplating to issue a

convertible bond that would be priced at its $1,000 par value.

The bonds would have a 9.00% annual coupon, and each bond could be converted into 25 shares of common stock.  The required rate of return on an otherwise similar nonconvertible bond is 11.00%.  The stock currently sells for $42.00 a share, has an expected dividend in the coming year of $2.10, and has an expected constant growth rate of 6.00%.  What is the estimated floor price of the convertible at the end of Year 3?