BFR Cargo Ltd will shortly be listed on the stock exchange. It is known that the valuation will be between $10.00 and $14.00.

Prior to listing, traders will receive information updates that will allow them to eliminate, with certainty, a given range of values.

The time to listing is 500 hours.

The pricing estimates are driven by the following model:

E_t = P_ub - X(T-t)/E_v

Where:

E_t    = estimate of the price at time t

P_ub  = final price

X     = uniform random variable distributed between -0.05 and 0.05

T     = time until listing

t      = elapsed time

E_v    = initial expected value (at t=0)

At t=100, the trader receives an estimate of the final value from a reputable analyst of $11.76

Calculate the new upper valuation band.

(Please display your answer to 2 decimal places.)