Hodson Corp. purchased ten $1000 4% bonds of Simplex Corporation when the market rate of interest was 12%. Interest is paidsemiannually, and the bonds will mature in six years.

Using the PV function in Excel Superscript

Hodson paid(the presentvalue) for the bond investment.(Assume that all payments of interest and principal occur at the end of the period. Round your answer to the nearestcent.)