Bond Refunding: Parto SpA has an outstanding perpetual bond with a $4$ per cent coupon rate that can be called in one year. The bonds make annual coupon payments. The call premium is set at $120$ per cent of par value. There is a $40$ per cent chance that the interest rate in one year will be $8$ per cent, and a $60$ per cent chance that the interest rate will be $6$ per cent. If the current interest rate is $7$ per cent, what is the current market price of the bond?