Consider an annual coupon bond with a face value of $100, 14 years tomaturity, and a price of $88. The coupon rate on the bond is 7%. If you can reinvest coupons at a rate of 3% perannum, then how much money do you have if you hold the bond tomaturity?

The total proceeds from holding the bond to maturity are $

(Round to the nearestcent.)