Desmond Corp. purchased TEN $1,000 4% bonds of Simplex Corporation when the market rate of
8%. Interest is paid semiannually, and the bonds will mature in seven years.
Using the PV function in Excel Superscript Excel®, compute the price Desmo 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.)
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Desmond paid $ ? on the bond investment