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E&A Industries is planning an issue of 10-year, $1,000 par value zero coupon bonds to generate cash for a planned acquisition. If the YTM on

E&A Industries is planning an issue of 10-year, $1,000 par value zero coupon bonds to generate cash for a planned acquisition. If the YTM on the bonds will be 6.2% (assume semiannual compounding) and E&A needs to raise $4,653,000 ($4.5 million plus $153,000 in transaction costs), what is the minimum number of bonds that E&A will need to sell?

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