Question: Nine years ago, Elite Elements issued a 20-year bond with a $1000 face value and a 7 percent coupon rate of interest (paid semi-annually). If

Nine years ago, Elite Elements issued a 20-year bond with a $1000 face value and a 7 percent coupon rate of interest (paid semi-annually). If investors require a return equal to 6 percent to invest in similar bonds, what is the current market value of Elites bonds? Do not round intermediate calculations. Round your answer to the nearest cent

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