New Business Ventures, Inc., has an outstanding perpetual bond with a coupon rate of 12 percent that can be called in one year. The bond makes annual coupon payments. The call premium is set at $120 over par value. There is a 60 percent chance that the interest rate in one year will be 14 percent, and a 40 percent chance that the interest rate will be 9 percent. If the current interest rate is 12 percent, what is the current market price of the bond? Assume a par value of $1,000. (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Current market price

$