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Bond X is noncallable has 20 years to maturity a 9% annual coupon and a 1000 par value. Your required return on bond X is

Bond X is noncallable has 20 years to maturity a 9% annual coupon and a 1000 par value. Your required return on bond X is 10% and if you buy it you plan to hold it for 5 years. You and the market have expectaions that in 5 years the yeild to maturity on 15 year bond with similar rish will be 8.5% how uch should you be willing to pay for Bond X today?

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