To calculate the value of your investment in bond X, you'll need to account for the interest rate, inflation rate, and tax rate. Here's how to break it down:

1. Interest Gain: A 5% interest on a $100 investment gives you $5.

   ( $100 \times 0.05 = $5 )

2. Tax: A 15% tax on the $5 gain would be $0.75.

   ( $5 \times 0.15 = $0.75 )

3. After-Tax Gain: Your after-tax gain would be $4.25.

   ( $5 - $0.75 = $4.25 )

4. Total Value: Your total value after interest and tax would be $104.25.

   ( $100 $4.25 = $104.25 )

5. Inflation: The 6% inflation means the value of your money effectively reduces. To find out how much $104.25 is worth in "last year's dollars," you divide it by ( 1 \text{inflation rate} ).

   ( $104.25 / 1.06 \approx $98.35 )

After one year, your investment would effectively be worth approximately $98.35 when accounting for interest, taxes, and inflation.