A company is planning to issue 30-year, callable bonds with a coupon rate of 8.9% paid quarterly, and a par value of $1,000. The nominal interest rate on these bonds will be 10% for the next year. In one year, the nominal rate on the bonds will be either 12% with probability 0.60, or 8% with probability 0.40. The bonds are callable at $1200. Assuming the bonds are called if the interest rate decreases, what is the price of the callable bond today?