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3.2 Grand Energy Corporation (GE) plans to issue bonds to raise $368 million. GE's investment banker will charge 8 percent of the total amount issued

3.2 Grand Energy Corporation (GE) plans to issue bonds to raise $368 million. GE's investment banker will charge 8 percent of the total amount issued to help raise the funds. The market value of each bond at issue time will be $1,000. How many bonds must GE sell to net $368 million after flotation costs? Assume that fractions of bonds cannot be issued. Round yout answer to the nearest whole number.

bonds

Show how much of the total amount issued will consist of flotation costs and how much GE will receive after flotation costs are paid. Enter your answers in dollars. For example, an answer of $2 million should be entered as 2,000,000, not 2. Round your answers to the nearest dollar.

Floation costs: $

Net proceeds: $


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