Price a 4.03% annual coupon convertible bond that has $100 face value, 2 years to maturity, CR=10. The bond is convertible from year 1 through maturity, but investors only choose to convert at the end of year 1 or year 2 (after coupons are paid).

The bond is callable at par at the end of year 1.

The term structure of interest rates is assumed to be flat at 11.79%.

Assume the following binomial tree for the stock price evolution over the next 2 years.

What is the fair price for this bond?

Round your answer to 2 decimal places. For example, if your answer is 25.689, please write down 25.69.

t=0	t=1	t=2
		22.25541
	14.91825
10		10
	6.7032
		4.49329