Alton Corp. purchased ten $1,000 6% bonds of Circuit Corporation when the market rate of interest was 14%. Interest is paid semiannually, and the bonds will mature in seven 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.

your answer to the nearest cent.)