You have been hired to value a new 25-year callable, convertible bond. The bond has a 4.8 percent coupon, payable annually. The conversion price is $9, and the stock currently sells for $3.21. The stock price is expected to grow at 11 percent per year. The bond is callable at $120, but, based on prior experience, it won’t be called unless the conversion value is $130. The required return on this bond is 8 percent. What value would you assign? Par value of the bond is $100.