Alton Corp. purchased 10, $1,000, 4% bonds of Galvan Corporation when the market rate of interest was 10%. Interest is paid semiannually on thebonds, and the bonds will mature in five years. Using the PV function in Excel Superscript , compute the price Alton paid(the presentvalue) on the bond investment.(Assume that all payments of interest and principal occur at the end of the period. Round your answer to the nearestcent.)

Alton paid $ -----on the bond investment.