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On January 1, 2017, Manatee Corporation purchased 1,000 of the $1,000 par value, 6%, 20-year bonds of Fishes Inc. The bonds mature on January 1,

On January 1, 2017, Manatee Corporation purchased 1,000 of the $1,000 par value, 6%, 20-year bonds of Fishes Inc. The bonds mature on January 1, 2037, and pay interest annually beginning January 1, 2018. Manatee purchased the bonds to yield 8%. How much did Manatee pay for the bonds?

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