Question: Eleven years ago, Elite Elements issued a 1 5 year bond with a $ 1 0 0 0 face value and a 5 percent rate

Eleven years ago, Elite Elements issued a 15 year bond with a $1000 face value and a 5 percent rate of interest ( paid Semiannually) If investors require a return equal to 9 percent to invest in similar bonds, what is the currentmarket value of Elites bond?

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