Consider the prices in the following three Treasury issues as of May 15, 2014:

05/15/2020		7.35				122.50000		122.56250			.31250		4.700
05/15/2020		8.10				119.62500		119.68750			.09375		4.340
05/15/2020		12.85				151.78125		151.96875			.46875		3.250

The bond in the middle is callable in February 2015. What is the implied value of the call feature? Assume a par value of $1,000. (Hint: Is there a way to combine the two noncallable issues to create an issue that has the same coupon as the callable bond?) (Do not round intermediate calculations. Round your answer to 2 decimal places, e.g., 32.16.)

Call value

$