Alton Corp. purchased 5, $1,000, 6% bonds of PowerSource Corporation when the market rate of interest was 10%. Interest is paid semiannually on thebonds, and the bonds will mature in seven years.

Using the PV function in Excel Superscript Excel, 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.)