KIC Inc. plans to issue $7.1 million of bonds with a coupon rate of 20 percent paid semi-annually and 19 years to maturity. The current market interest rate on these bonds is 19.00 percent. In one year, the interest rate on the bonds will be either 22.00 percent or 11 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. Omit $ sign in your response.)

Price of the bonds $- ?