Question: Ten years ago, Elite Elements issued a 1 5 - year bond with a $ 1 , 0 0 0 face value and a 7

Ten years ago, Elite Elements issued a

15 -

year bond with a $

1, 000

face value and a

7

percent coupon rate of interest

(

paid semiannually

) .

If investors require a return equal to

8

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.

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