Hodson Corp. purchased 10, $1000, 4% bonds of Galvan Corporation when the market rate of interest was 14%. Interest is paid semiannually on the bonds, and the bonds will mature in five years.

Using the PV function in excel , compute the price Hodson 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.)