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You are given the following term structure for spot interest rates: Term (in years) Spot interest rate 1. 7.00% 2. 7.20% 3. 7.50% 4. X%

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You are given the following term structure for spot interest rates: Term (in years) Spot interest rate 1. 7.00% 2. 7.20% 3. 7.50% 4. X% 5. 8.00% The value of a 1000 par value 5-year annual coupon bond is 905 using the spot rates. The annual coupon rate is 5.5% payable annually. Calculate X

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