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

05/15/2020		7.00				108.62500		108.68750			.31250		5.910
05/15/2020		8.25				105.75000		105.81250			.09375		7.050
05/15/2020		12.50				144.90625		145.09375			.46875		3.980

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.)

The answer is NOT 65.34