On 1/1/2014, PJ purchases a bond with a face value of 10,000 that pays annual coupons and the first coupon expires on 12/31/2014. The exchange value is 10,000. PJ pays 10,000 for bail. At the time of the issue, PJ calculates that the duration of the bond is equal to 15.8374. One year later, on 1/1/2015, PJ calculates that the duration of the bond is equal to 15.3419. Also on 1/1/2015, PJ calculates the present value of the redemption value to be equal to X. PJ assumes a constant effective return i for all calculations. 

Solution for x.