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Ten years ago, Elite Elements issued a 20-year bond with a $1,000 face value and...

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Accounting

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.
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