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Johnson and Johnson (JNJ) wants to raise 35 million in order to develop a vaccine for COVID-19. The company will fund this by issuing a

Johnson and Johnson (JNJ) wants to raise 35 million in order to develop a vaccine for COVID-19. The company will fund this by issuing a 11-year bond, with $1,000 face value, 6.50% coupon rate, quarterly coupon payments, and yield to maturity of 8.00% (APR). How many bonds JNJ would have to sell to raise this money? (Round up to the nearest integer).

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39,284 bonds

37,306 bonds

39,198 bonds

392,840 bonds

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