BJ Enterprises is issuing new bonds for a capital budgeting project. The bonds will have 25.00 year maturities with a coupon rate of 7.34% APR with semi-annual coupon payments (assume a face value of $1,000 on the bond).

The current market rate for similar bonds is 8.20% APR. The company hopes to raise $31.00 million with the new issue.

To raise the debt, how many bonds must the company issue? (round to two decimal places)