New Business Ventures, Incorporated, has an outstanding perpetual bond with a $9$

percent coupon rate that can be called in one year. The bond makes annual coupon

payments and has a par value of $$1,000.$ The call premium is set at $$150$ over par value.

There is a $60$ percent chance that the interest rate in one year will be $11$ percent and a

$40$ percent chance that the interest rate will be $7$ percent. If the current interest rate is $9$

percent, what is the current market price of the bond? $($Do not round intermediate

calculations and round your answer to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$