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Desmond Corp. purchased 5, $1,000

Desmond Corp. purchased 5, $1,000
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Desmond Corp. purchased 5, $1,000, 5​% bonds of Geotherm Corporation when the market rate of interest was 14​%. Interest is paid semiannually on the​ bonds, and the bonds will mature in four years.

Using the PV function in Excel Superscript @, compute the price Desmond paid​ (the present​ value) on 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.)

Desmond paid how much $ on the bond investment?

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