Consider the prices in the following three Treasury issues as of May 15, 2014:

05/15/2020		7.05				110.31250		110.37500			.31250		5.760
05/15/2020		8.15				107.43750		107.50000			.09375		6.620
05/15/2020		12.45				145.93750		146.12500			.46875		3.780

The bond in the middle is callable in February 2015. What is the implied value of the call feature? Assume a par value of $1,000. (Hint: Is there a way to combine the two noncallable issues to create an issue that has the same coupon as the callable bond?) (Do not round intermediate calculations. Round your answer to 2 decimal places, e.g., 32.16.)

Call value

$