Excellent Corporation wants to build a new office in downtown Elora. To fund this $25 million operation, Excellent will issue 10-year bonds with a face value of $1,000 and a coupon rating of 7.0%, paid annually. The following table shows the yield to maturity for similar ten-year corporate bonds across credit ratings.

RatingAAAAAABBBBBYTM6.70%6.80%7.00%7.40%8.00%

Assuming that Excellent's bonds receive a AAA rating, the number of bonds that Excellent must issue to raise $25 million is closest to:

Question 3 options:

25,000

24,477

25,114

24,655

26,681