Question: Check My Work (3 remaining) Bond X is noncallable and has 20 years to maturity, a 10% annual coupon, and a $1,000 par value. Your

Check My Work (3 remaining) Bond X is noncallable and has 20 years to maturity, a 10% annual coupon, and a $1,000 par

Check My Work (3 remaining) Bond X is noncallable and has 20 years to maturity, a 10% annual coupon, and a $1,000 par value. Your required return on Bond X is 9%; 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 9.5%. 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.) Do not round intermediate calculations. Round your answer to the nearest cent. You are considering a 25 -year, $1,000 par value bond. Its coupon rate is 9%, and interest is paid semiannually. If you require an "effective" annual interest rate (not a nominal rate) of 11.8415%, how much should you be willing to pay for the bond? Do not round intermediate calculations. Round your answer to the nearest cent

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