What is the current market value of elites bond

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Reference no: EM13721474

Eleven years ago, Elite Elements issued a 15-year bond with $1,000 face value and a 5 percent coupon rate of interest (paid semi-annually). If investors require a return equal to 7 percent to invest in similar bonds, what is the current market value of Elite's bond?

Reference no: EM13721474

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