A firm issues 4% convertible loan notes that are redeemable in 4 years time at a per-note nominal value of 100. Each loan note could alternatively be converted into 15 ordinary shares in 4 years time. The cost of debt is 6%. The current share price is 6.20 per share, and future share price growth is expected to be 4% per year. What is the current market value of a convertible loan note to two decimal places?

Ensure that all figures used are rounded to no less than 3 decimal places.

Please do not enter any special characters in your answer other than, if applicable, a decimal point (e.g. no or , symbols).