Desmond Corp. purchased fuve $1,000 3% bonds of Circuit Corporation when the market rate of interest was 6%. Interest is paid semianuanlly, and the bonds will mature in five 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 principle occur at the end of the period. Round yiur answer to the nearest cent.)

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