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Galaxy Technologies' raised its debt capital with callable, perpetual bonds. The $1,000 bonds have an annual coupon rate of 8.4 percent and can be called

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Galaxy Technologies' raised its debt capital with callable, perpetual bonds. The $1,000 bonds have an annual coupon rate of 8.4 percent and can be called in one year. To call the bonds, Galaxy must pay a $99 over par value. In one year, the bonds' interest rate will either be 12 percent, with a 40 percent probability, or 6 percent, with a 60 percent probability. If the current interest rate is 8.4 percent, what is the current market price of the callable bond

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