3. (8 points) Russ purchased a 20-year par value bond with semiannual coupons at a nominal annual rate of 10% convertible semiannually at a price of X. The bond can be called at par value $5,000 on any coupon date starting at the end of year 10. The price guarantees that Russ will receive a nominal annual rate of interest convertible semi- annually of at least 6%. Calculate X