Question: Ten years ago, Elite Elements issued a 2 0 - year bond with a $ 1 , 0 0 0 face value and a 6

Ten years ago, Elite Elements issued a

20 -

year bond with a $

1, 000

face value and a

6

percent coupon rate of Interest

(

paid semiannualiv

) .

If investors require a retum equal to

8

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

Ten years ago, Elite Elements issued a 20-year bond with a

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