DiPitros Paint and Wallpaper, Inc., needs to raise $1.01 million to finance plant expansion. In discussions with its investment bank, DiPitros learns that the bankers recommend a debt issue with gross proceeds of $1,000 per bond and they will charge an underwriters spread of 5.5 percent of the gross proceeds.

How many bonds will DiPitros Paint and Wallpaper need to sell in order to receive the $1.01 million it needs? (Do not round intermediate calculations and round your final answer to the nearest whole number.)

Number of bonds sold

bonds