Haygood Corp. purchased 5, $ 1,000 6% bonds of Solar Corporation when the market rate of interest was 12%. Interest is paid semiannually on thebonds, and the bonds will mature in ten years.

Using the PV function in Excel Superscript Excel, compute the price Haygood paid(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.)