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

$9\%$; 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 $7\mathrm{.}5\%.$ 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.

YOU WILL BE WILLING TO PAY $Blank $1]$ FOR THE BOND.