Stockman Corp. purchased ten $1000, 8?% bonds of Power SourceCorporation when the market rate of interest was 6?%. Interest ispaid? semiannually, and the bonds will mature in ten years.
Using the PV function in Excel Superscript ®?, compute the priceStockman paid? (the present? value) for the bond investment.?(Assume that all payments of interest and principal occur at theend of the period. Round your answer to the nearest? cent.)
