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Bond X is noncallable and has 20 years to maturity, a 7% annual
coupon, and a $1,000 par value. Your required return on Bond X is
8%; 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 6.5%. How much should you
be willing to...