Please explain how to solve:
Shriver Corp, purchased fifteen $1000 8% bonds of Simplex
Corporation when the market rate of interest is 14%. Interest is paid semiannually, and the bonds will mature in seven years. Using the PV function in Excel, compute the price Shriver Paid (the present value) for the bond investment.
Round answer to the nearest cent.
Shriver paid $_________ on the bond investment.