Consider a 10% convertible bond that has $1000 face value, 6 years to maturity, CR = 20, and pays interest annually. The market perceives that 6 years from now the shares of the firm are equally likely to be worth $43.1 and $56.5. The term structure is assumed to be flat at 9.4%. Assume that investors delay conversion until after they receive their last coupon.

What is the fair price for this bond?

Round your answer to 2 decimal places. For example, if your answer is 25.689, please write down 25.69.