At the height of the Mexican peso crisis in January 1995, the default probabilities on U.S. dollardenominated emerging-market bonds were quite high. A British investment bank, assuming that these bonds would pay 15 cents on the dollar upon default, calculated a 61% chance of default on Venezuelan bonds. Consider a bond with 5 years left to maturity, paying a coupon of 12%. The par value is 80% collateralized by American Treasury bonds. Assume that the U.S. interest rate is 5% for all maturities. What is the price of a bond with $100 par?