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DiPitros Paint and Wallpaper, Inc., needs to raise $1.14 million to finance plant expansion. In discussions with its investment bank, DiPitros learns that the bankers
DiPitros Paint and Wallpaper, Inc., needs to raise $1.14 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 6.0 percent of the gross proceeds. |
How many bonds will DiPitros Paint and Wallpaper need to sell in order to receive the $1.14 million it needs? (Do not round intermediate calculations and round your final answer to the nearest whole number.) |
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