Question: Nine years ago, Elite Elements issued a 1 5 - year bond with a $ 1 , 0 0 0 face value and an 8

Nine years ago, Elite Elements issued a

15 -

year bond with a $

1, 000

face value and an

8

percent coupon rate of interest

(

paid semiannually

) .

If investors require a return equal to

9

percent to invest in similar bonds, what is the current market value of Elite's bond? Do not round intermediate calculations. Round your answer to the nearest cent.

Nine years ago, Elite Elements issued a 15-year bond with a

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