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College of Coastal Georgia wants to raise $11 million by issuing 15-year, zero coupon bonds to finance the construction of a new residence hall. The

College of Coastal Georgia wants to raise $11 million by issuing 15-year, zero coupon bonds to finance the construction of a new residence hall. The market requires an 8.0 percent return on similar bonds. The face value per bond will be $1,000. How many bonds (number of certificates) must CCGA issue? Ignore all issue and transaction costs.

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