Sue purchased a 10-year par value bond with semiannual coupons at a nominal annual rate of 4 % convertible semiannually at a price of $ 1021.45. The bond can be called at par value X on any coupon date starting at the end of year 5. The price guarantees that Sue will receive a nominal annual rate of interest convertible semiannually of a least 7 %. Calculate X.

Par value of bond, X = $