What is current market value of elites bond, Financial Management

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What is current market value of elites bond

Problem

Nine years ago, Elite Elements issued a 20-year bond with a $1,000 face value and an 8 percent coupon rate of interest (paid semiannually). 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.

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