TL Company has outstanding debt of $50 selling at par and due in one year. The coupon rate on the bond is 9%. However, given the financial distress costs, the debtholders will only receive $40 if the firm does well and $16.30 if it does poorly. The probability the firm will do well is 60 percent with the 40 percent probability assigned to poor conditions. What is the current value of the debt? (Do not round intermediate calculations. Round only the final dollar denominated answer to two decimal places. Your answer must be entered without the dollar symbol (\$))