1. Grummon Corp. has issued zero-coupon bonds with 5-year maturity and $100 face value per bond. Investors believe there is a 15% chance that Grummon will default on these bonds. IfGrummon does default, investors expect to receive only 45 cents per dollar they are owed. If investors require a 6% expected return on their investment in these bonds, what will be the price of the bonds (per $100 face value)? (round your answer to the nearest penny)