Stockman Corp. purchased 10,$ 1,000, 4%bonds

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Stockman Corp. purchased 10,$ 1,000, 4%bonds

Stockman Corp. purchased 10,$ 1,000, 4%bonds of Current Power Corporation when the market rate of interest was 12%. Interest is paid semiannually on the bonds, and the bonds will mature in eight years. Using the PV function inExcel Superscript ® compute the priceStockman paid (the present value) on the bond investment