#1

Caspian Sea Drinks needs to raise $26.00 million by issuing bonds. It plans to issue a 13.00 year semi-annual pay bond that has a coupon rate of 5.11%. The yield to maturity on the bond is expected to be 4.78%. How many bonds must Caspian Sea issue? (Note: Your answer may not be a whole number. In reality, a company would not issue part of a bond.)

Answer format: Number: Round to: 0 decimal places.