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 8%; 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 7.5%. 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.

Last year Janet purchased a $1,000 face value corporate bond with a 9% annual coupon rate and a 15-year maturity. At the time of the purchase, it had an expected yield to maturity of 11.74%. If Janet sold the bond today for $941.31, what rate of return would she have earned for the past year? Do not round intermediate calculations. Round your answer to two decimal places.