JRJ Corporation recently issued $10-$year bonds at a price of $$1,000.$ These bonds pay $$60$

in interest each six months. Their price has remained stable since they were issued, that

is$,$ they still sell for $$1,000.$ Due to additional financing needs, the firm wishes to issue

new bonds that would have a maturity of $10$ years, a par value of $$1,000,$ and pay $$40$ in

interest every six months. If both bonds have the same yield, how many new bonds must

JRJ issue to raise $$2,000,000?$

Solve and explain without using excel$/$spreadsheet