Desmond Corp. purchased ten $$1,0006\%$ bonds of Geotherm Corporation when the market rate of interest was $12\%.$ Interest is paid semiannually, and the bonds will mature in eight 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.