You bought a convertible bond one year ago with a face value of $1,000 and a conversion ratio of 113.

The interest rate on the bond was 9% and the term was one year. Now you have to decide between converting the bond to shares, which currently trade at $11, or get your face value back (plus interest).

Ignoring any time implications (and present value) of converting the face value (plus interest) to shares and subsequently selling them versus getting the face value (plus interest) back, what is the fair value of the bond?