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Joshua Inc. wants to sell bonds to finance its business expansion. To accomplish this, they plan to sell 20-year, $6.2 million face value, zero-coupon bonds.

Joshua Inc. wants to sell bonds to finance its business expansion. To accomplish this, they plan to sell 20-year, $6.2 million face value, zero-coupon bonds. The bonds will be priced based on a yield to maturity of 9.5%. How many bonds must they sell to raise the required capital?

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