NO EXCEL!! Matt purchased a 20-year par value bond with semiannual coupons at a nominal annual rate of 7% convertible semiannually at a price of 1579.90. The bond can be called at par value X on any coupon date starting at the end of year 15 after the coupon is paid. The price guarantees that Matt will receive a nominal annual rate of interest convertible semiannually of at least 5%. Calculate X.

ANSWER must be either a) 1,306 or b) 1,295