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6-2. picture included eBook Nine years ago, Elite Elements issued a 15-year bond with a $1,000 face value and a 7 percent coupon rate of

6-2. picture included
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eBook Nine 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 10 percent to invest in similar bonds, what is the current market value of Elite's bond? Do not found intermediate calculations. a Round your answer to the nearest cent

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