Price a convertible bond with par=$1000, conversion ratio=22, annual coupon rate=10.1%, and 2 years to maturity. The bond is callable at 105% par in year 1, and convertible from year 1 through maturity.

Assume annual compounding, a constant one-year discount rate of 10%, and the following binomial model for stock price evolution. Round your answer to 2 decimal places.

t = 0	t = 1	t = 2
		70.36
	59.2
48.89		48.89
	42.47
		32.18