Barnwell Corp. purchased five $1000 3 % bonds of Energy Corporation when the market rate of interest was 10%. Interest is paid semiannually, and the bonds will mature in eight years. Using the PV function in , compute the price 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.) How much

Barnwell paid

on the bond investment.

?