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A start-up company needs to raise $5 million for a project. It plans to issue 22-year bonds with a par value of $1,000 and a
A start-up company needs to raise $5 million for a project. It plans to issue 22-year bonds with a par value of $1,000 and a coupon rate of 6.7% with interest paid seminannually. How many approximate bonds will the company need to issue to raise the $5 million if investors demand a required return of 5%? Enter your answer as a whole number (to the nearest integer).
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