Given the following information related to a T-bond futures contract expiring in six months:

- The best estimate of the cheapest-to-deliver bond on the T-bond futures contract pays an \(8 \%\) coupon, is currently priced at 108 (clean price), has a conversion factor of 1.21; the bond's last coupon date was 30 days ago, and its next coupon is 152 days, with the coupon after that coming in the next 183 days.

- The yield curve is flat at \(5 \%\).

- The best estimate for the expiration on a T-bond futures contract is 180 days.

Using the carrying-cost model, determine the equilibrium price on the T-bond futures contract.