Barnwell Corp. purchased 15, $ 1,000,4% bonds of Power Source Corporation when the market rate of interest was 10%. Interest is paid semiannually on the bonds, and the bonds will mature in eight years.
Using the PV function in Excel®, compute the price Barnwell 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.)