Alton Corp. purchased ten $1,000 5% bonds of Power Source Corporation when the market rate of interest was 10%. Interest is paid semiannually, and the bonds will mature in six years.

Using the PV function in Excel, 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?

(answer is not 778.42)