Canter Corp. purchased 5, 1,000, 3% bonds of PowerSource Corporation when the market rate of interest was 14%. Interest is paid semiannually on the bonds, and the bonds will mature in

Nine years. Using the PV function in Excel, compute the price Canter Corp 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.)

Canter paid $X on the bond investment.