GMA Inc. needs to raise $1 million. It does this by issuing zero-coupon bonds with 10 years until maturity. Investors require a return of 5% p.a. on these bonds. GMA Inc. needs to issue _______ bonds.

Select one:

a. 1,000

b. 1,629

c. 614

d. 1,328

e. Not enough information to answer