Alton Corp. purchased 10, $ 1000$,5% bonds of Voltgo Corporation when the market rate of interest was 8%. Interest is paid semiannually on thebonds, and the bonds will mature in four years.

Using the PV function in Exce.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.