Hodson Corp. purchased fifteen $1,000 4% bonds of Geotherm Corporation when the market rate of interest was 8%. Interest is paid semiannually, and the bonds will mature in nine years.

Using the PV function in Excel, compute the price Hodson 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

Hudson Paid ___ on bond Investment.