Eleven years ago, Elite Elements issued a $15-$year$-$bond

with a $$1,000$ face value and a $5$ percent coupon rate

of interest $($paid semiannually$).$ If investors require a

return equal to $7$ percent to invest in similar bonds,

what is the current market value of Elite's bond?

C $3!$

$-6$ Fine Fishing Lures $($FFL$)$ has an outstanding bond

with a $$1,000$ face value and a $9$ percent coupon

rate of interest $($paid semiannually$).$ The bond, which

was issued $22$ years ago, matures in eight years.

If investors require a return equal to $4$ percent to

invest in similar bonds, what is the market value of

FFL$\text{'}$s bond?

$13,9\mathrm{.}44$

$6-7$ Tracer Manufacturers issued a $10-$year bond six years

ago. The bond's maturity value is $$1,000,$ and its cou$-$

pon interest rate is $6$ percent. Interest is paid semian$-$