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Susan purchased a 10 year par value bond with annual nominal coupon rate of 4% payable semiannually at a price of 1021.50. The bond can

Susan purchased a 10 year par value bond with annual nominal coupon rate of 4% payable semiannually at a price of 1021.50. The bond can be called at a par value X on any coupon date starting at the end of year 5. The lowest yield rate that Susan can possibly receive is an annual nominal rate of 6% convertible semiannually. Note: do not ignore year 5 Calculate X

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