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EX6. 2. Ten years ago, Elite Elements issued a 15-year bond with a $1,000 face value and a 6 percent coupon rate of interest (paid
EX6. 2. Ten years ago, Elite Elements issued a 15-year bond with a $1,000 face value and a 6 percent coupon rate of interest (paid semiannually).
If investors require a return equal to 7 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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