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JRJ Corporation recently issued 1 0 year bonds at a price of $ 1 , 0 0 0 . These bonds pay $ 7 6
JRJ Corporation recently issued year bonds at a price of $ These bonds pay $ in interest each six months. Their price has remained stable since they were issued, ie they still sell for $ Due to additional financing needs, the firm wishes to issue new bonds that would have a maturity of years, a par value of $ and pay $ in interest every six months. If both bonds have the same yield, how many new bonds must JRJ issue to raise $ cash?
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