Alton Corp purchased 5?, $1,000?, 6?% bonds of Power Source Corporation when the market rate of inte

 
   

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Alton Corp purchased 5?, $1,000?, 6?% 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 seven years

Using the PV function in Excel Superscript ®Excel®?, 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)