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1. Practice Problem 6-2 eBook Thirteen years ago, Elite Elements issued a 15-year bond with a $1,000 face value and an 8 percent coupon rate

1. Practice Problem 6-2 eBook Thirteen years ago, Elite Elements issued a 15-year bond with a $1,000 face value and an 8 percent coupon rate of interest (paid semiannually). investors require a return equal to 6 percent to invest in similar bonds, what is the current market value of Elite's bond? Do not round intermedia calculations, Round your answer to the nearest cent

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