Your firm has a credit rating of A. You notice that the credit spread for five-year maturity A debt is 87 basis points(0.87%).

Your firm's five-year debt has an annual coupon rate of 6.5%. You see that new five-year Treasury notes are being issued at par with an annual coupon rate of 2.1%. What should be the price of your outstanding five-year bonds?

The price of the bond is $_______________.

(Round to the nearest cent.)