Problem 7-15 Bond valuation Bond X1s noncallable and has 20 years to maturity, a 9% annual coupon, and a $1,000 par value. Your required return on Bond X is 896; and 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 10%. 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. Round your answer to the nearest cent. Grade It Now Save &Continue Continue without saving