Alton Corp. purchased 10, $1,000, 7% bonds of Circuit Corporation when the market rate of interest was 6%. Interest is paid semiannually on thebonds, and the bonds will mature in ten years. Using the PV function in Excel Superscript Excel, compute the price Alton

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.)