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Jewel Regal Cars (JRC) must raise $240 million to support operations. To do so, JRC plans to issue new bonds. Investment bankers have informed JRC

Jewel Regal Cars (JRC) must raise $240 million to support operations. To do so, JRC plans to issue new bonds. Investment bankers have informed JRC that the

flotation costs will be 4% of the total amount issued. If the market value of each bond is $1000, how many bonds must JRC sell to net $240 million after flotation

costs? Assume that fractions of bonds cannot be issued.

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