Question: Please use the PV function in Excel ! Alton Corp. purchased five $1,000 7% bonds of Current Power Corporation when the market rate of interest

Please use the PV function in Excel !

Alton Corp. purchased five $1,000 7% bonds of Current Power Corporation when the market rate of interest was 12%. Interest is paid semiannually, and the bonds will mature in ten 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 paid on the bond investment

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