Information regarding Company P.'s capital structure:

- a single long-term debt issue with a face value of $20 million and 2 million common shares with a current market price of $15 per share

- the long-term debt has a coupon rate of 5% with interest paid semi-annually. There is 8 years remaining until maturity and a current market yield of 6%, based on semi-annual compounding

- The common shares have a beta of 1.15. The company paid a dividend of $0.95 per share in its most recently completed financial year. Analysts believe these dividends will grow at an average annual rate of 3% for the forseeable future. The current risk-free interest rate is 2.5% and the market price of risk is 6%.

What is the current market price of each $100 face value bond of Company P.'s long-term debt issue? Round to two decimal places.