DonteCorp. purchased 10,$ 1,000,5% bonds of General ElectricCorporation when the market rate of interest was 4%.Interest is paid semiannually on thebonds, and the bonds will mature in sixyears.

Using the PV function in Excel, compute the price Dontepaid(the presentvalue) on the bond investment.(Assume that all payments of interest and principal occur at the end of the period. Round your answer to the nearestcent.)