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Assume that Zip Ltd. would like to raise $15,000,000 with a new issuing of bonds. Assume that the issue will have a coupon rate of

Assume that Zip Ltd. would like to raise $15,000,000 with a new issuing of bonds. Assume that the issue will have a coupon rate of 5% with a 5 year maturity. Assume this are monthly coupon bonds and each have a face value of $1.000 and the required rates of return for similar bonds in the market is 10%. What would be the issuing price of these bonds? How many bonds Zip Ltd. will have to issue in order to replace its bank facilities?

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