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

Using the PV function in Excel, compute the price Barnwell 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.)

Barnwell paid $X on the bond investment