Haddock Corp. purchased 5 $1,000 , 4% bonds of Energy Corporation when the market rate of interest was 12%. Interest is paid semiannually on the bonds, and the bonds will mature in five years.

Using the PV function in Excel Superscript ,compute the price Haddock paid (the present value) on 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.)

Haddock paid __________ on the bond investment.