Each steak knife set has 4 steak knives and Elizabeth bought 2 sets so there are 4*2 = <<4*2=8>>8 steak knives in total
Each steak knife set costs $80.00 and she bought 2 sets so she spent $80*2 = $<<80*2=160.00>>160.00
Both sets cost $160.00 and there are 8 knives in total so each knife costs 160/8 = $<<160/8=20.00>>20.00 each
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