Alton Corp. purchased ten $ 1,000 5 % bonds of Solar Corporation when the market rate of interest was 8 %. Interest is paid semiannually, and the bonds will mature in four years. Using the PV function in Excel Superscript , compute the price Alton paid (the present value) for the bond investment. (Assume that all payments of interest and principal occur at the end of the period. Round your answer to the nearest cent.)

Alton paid $________ on the bond investment