A convertible bond issued by Nijmegen has a par value of $1000, a coupon rate of 12.0% (interest paid annually), maturity of 12 years, and a conversion ratio of 58. The market perceives that 12 years from now the shares of HuskerLand are equally likely to be worth $27.42, $34.34, or $41.89. The term structure is assumed to be flat at 10.0%. Assume that investors delay conversion until after they receive their last coupon. What should be the price of the convertible bond?

(If your solution is $4.4 then enter "4.4" as the answer. Precision is 0.1+/- 0.1.)