Toko Co has in issue 6% loan notes which are redeemable at their nominal value of 100 in three years time. Alternatively, each loan may be converted on that date into 30 ordinary shares of the company. The current ordinary share price of Toko Co is 3.50 and this is expected to grow at 4% p.a. for the foreseeable future. Toko Co has a pre-tax cost of debt 5% p.a. What is the current market value of each 100 convertible loan note