#12

Caspian Sea Drinks needs to raise $36.00 million by issuing bonds. It plans to issue a 16.00 year semi-annual pay bond that has a coupon rate of 5.13%. The yield to maturity on the bond is expected to be 4.84%. 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.