Corp. purchased five $ 1,000 6% bonds of Power Source 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 Hodson 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.)

Hodson paid $ _________ on the bond investment.