Haddock Corp. purchased five $$1,0004\%$ bonds of Solar Corporation when the market rate of interest was $10\%.$ Interest is paid semiannually, and the bonds will mature in four years.

Using the PV function in Excel ${?}^{(1)},$ compute the price Haddock 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.$)$

Haddock paid

on the bond investment.