KIC Inc. plans to issue $$7\mathrm{.}2$ million of bonds with a coupon rate of $16$ percent paid semiannually and $36$ years to maturity. The current one$-$year market interest rate on these bonds is $15$ percent. In one year, the interest rate on the bonds will be either $18$ percent or $9$ percent with equal probability. Assume investors are risk neutral.

a$.$ If the bonds are non$-$callable, what is the price of the bonds today? $($Do not round intermediate calculations. Enter the answer in dollars. Round the final answer to $2$ decimal places. Omit $ sign in your response.$)$

Price of the bonds $