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Using the pv function in excel superscript compute the

E8-20A (similar to) Alton Corp. purchased 5?, $ 1 comma 000?, 8?% bonds of Eagle Corporation when the market rate of interest was 10?%. Interest is paid semiannually on the? bonds, and the bonds will mature in seven years.

Using the PV function in Excel Superscript?, compute the price Alton 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.) Alton paid ?nothing on the bond investment.

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