Assume that NVX Ltd. would like to raise $3,500,000 with a new issuing of bonds. Assume that the issue will have a coupon rate of 3% with a 6 years maturity. Assume this are semi-annual coupon bonds and each have a face value of $1,000 and the required rates of return for similar bonds in the market is 7%.

(a) What would be the issuing price of these bonds?

(b) How many bonds NVX Ltd. will have to issue?