Donte Corp. purchased 10, $ 1,000, 5% bonds of General Electric Corporation when the market rate of interest was 4%. Interest is paid semiannually on the bonds, and the bonds will mature in sixyears.
Using the PV function in Excel, compute the price Donte 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.)