A tax-exempt municipal bond with a coupon rate of 8.00% has a market price of 98.03% of par. The bond matures in 10.00 years and pays semi-annually. Assume an investor has a 22.00% marginal tax rate. The investor would prefer otherwise identical taxable bond if it's yield to maturity was more than _____%

Caspian Sea Drinks needs to raise $50.00 million by issuing bonds. It plans to issue a 15.00 year semi-annual pay bond that has a coupon rate of 5.19%. The yield to maturity on the bond is expected to be 4.86%. 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.)