Haddock Corp. purchased five $$1,0003\%$ bonds of Energy Corporation when the

market rate of interest was $12\%.$ Interest is paid semiannually, and the bonds will

mature in nine years.

Using the PV function in Excel ${?}^{},$ compute the price Haddock 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.$)$

Haddock paid

on the bond investment.