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What is the current market value of elite bond

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Question - Twelve years ago, Elite Elements issued a 20-year bond with a $1,000 face value and a 5 percent coupon rate of interest (paid semi-annually). If 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 intermediate calculations.

Reference no: EM133186385

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