Nanotech, Inc., has a bond issue maturing in seven years that is paying a coupon rate of 9.41 percent (semiannual payments).

Nanotech, Inc., has a bond issue maturing in seven years that is paying a coupon rate of 9.41 percent (semiannual payments). Management wants to retire a portion of the issue by buying the securities in the open market. If it can refinance at 11.35 percent, how much will Nanotech pay to buy back its current outstanding bonds?