Canter Corp. purchased five $$1,0003\%$ bonds of Eagle Corporation when the market rate of interest was $6\%.$ Interest is paid semiannually, and the bonds will mature in four years.

Using the PV function in Excel $,$ 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.$)$

Canter paid $$ on the bond investment.