Question: Alton Corp. purchased five $ 1 , 0 0 0 5 % bonds of Solar Corporation when the market rate of interest was 1 4

Alton Corp. purchased five $1,0005% bonds of Solar Corporation when the market rate of interest was 14%. Interest is
paid semiannually, and the bonds will mature in nine years.
Using the PV function in Excel ?, compute the price Alton paid (the present value) for 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 Corp. purchased five $1,0005% bonds of Solar Corporation when the

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