9-3: Bond Valuation Problem Walk-Through Bond valuation

9-3: Bond Valuation Problem Walk-Through Bond valuation Bond X is noncallable and has 20 years to maturity, a 9% annual coupon, and a $1,000 par value. Your required return on Bond* is 120,6; and if voubuy it', you plan tohold it for 5 years. You (and the market) have expectations that in 5, years the yield to maturty a 15-year bond with similarrisk will be 11%. How much should you be willing to pay for Bond X today? (Hint: You will neede know how: much the bond. will. b north at theend of 5 years.) Round your answer to the nearest cent.