Nine years ago, Elite Elements issued a 20-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 8 percent to invest in...

Nine years ago, Elite Elements issued a 20-year bond with a $1,000 face value and a 7 percent coupon rate of interest (paidsemiannually). If investors require a return equal to 8 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 $_______

Extracted text: Nine years ago, Elite Elements issued a 20-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 8 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.