Barnwell Corp. purchased fifteen $1,0003% bonds of Circuit Corporation when the market rate of interest was 12%. Interest is paid semiannually, and the bonds will mature in eight years. Using the PV function in Excel , compute the price Barnwell 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.) Barnwell paid on the bond investment