Desmond Corp. purchased fifteen $1,000 7% bonds of Geotherm Corporation when the market rate of interest was 14%. Interest is paid semiannually, and the bonds will mature in nine years. Using the PV function in Excel, compute the price Desmond 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.) Desmond paid on the bond investment.