You purchase a callable bond with 12 years to maturity and 10% coupon paid semi-annually. The par value is $100. It has a call price of $110 and call protection of 2 years.

The term structure of interest rates is flat at 11%, but rates could change immediately to 14% or 6% with equal probability and stay at that level forever.

What should be the price of the callable bond?

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