A default-free corporate bond with a 3.60% annual coupon rate and two years left to maturity is putable at par one year from now. The interest rate tree based on an estimated interest rate volatility is as follows:

| Year 0 | Year 1 |

|--------------|--------------|

| --- | 3.8695% |

| 2.5000% | --- |

| --- | 3.1681% |

The price per 100 of par value of the putable bond is closest to: