Bond X is noncallable and has 20 years to maturity, a 11% annual coupon, and a $1,000 per value. Your required return on Bond X is 11% if you buy it, you plan to hold it for year You (and the market) have expectations that in 5 years, the yield to maturity on a 15-year bond with similar risk will be 8.5% How much should you be willing to pay for Band 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