Bond valuation Bond X is noncallable and has 20 years to maturity, a 9% annual coupon, and a $1,000 par value. Your required return on Bond X is 11%; and if you buy it, you plan to hold it for 5 years. You (and the market) have expectations that in 5, years the yield to maturity on a 15-year bond with similar risk will be 8%. How much should vou be willina to pay for Bond X todav? (Hint: You will need to know how much the bond will be worth at the end of 5 vears.)

Round vour answer to the nearest cent.