An investment banking firm for New Era Corporation has forecasted the prices for the companys new issue of bonds under several different economic conditions as displayed in the following table. What is the expected (average) selling price of the bond? [Show all steps, workings, and formula(s) clearly. Round final answer to two decimal places, where applicable.]

	Recession	Steady	Boom
Probability	.55	.35	.10
Bond Price	$950	$1000	$1175