Canter Corp. purchased fifteen $1000 4% bonds of Circuit Corporation when the market rate of interest was 8%. Interest is paid semiannually, and the bonds will mature in seven years.

Using the PV function in Excel Superscript , compute the price Canter 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.)