Stockman Corp. purchased fifteen $$1,0004\%$ bonds of Galvan Corporation when the market rate of interest was $8\%.$ Interest is paid semiannually, and the bonds will mature in eight years.

Using the PV function in Excel ${?}^{},$ compute the price Stockman 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.$)$

Stockman paid on the bond investment.