Bond $x$ is noncallable and has $20$ years to maturity, a $7\%$ annual coupon, and a $$1,000$ par value. Your required return on

Bond $x$ is $6\%$; 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 $6\mathrm{.}5\%.$ How much should you be willing to pay for Bond $x$

today? $($Hint: You will need to know how much the bond will be worth at the end of $5$ years.$)$ Do not round intermediate

calculations. Round your answer to the nearest cent.

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