Question: Ten years ago, Elite Elements issued a 20-year bond with a $1,000 face value and a 7 percent coupon rate of interest (paid semiannually ).

Ten years ago, Elite Elements issued a 20-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 10 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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