JRJ Corporation recently issued $20-$year bonds at a price of $$1,000.$ These bonds

pay $$120$ 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 $20$ years, a par value

of $$1,000,$ and pay $$60$ in interest every six months. If both bonds have the same

yield, how many new bonds must JRJ issue to raise $$8,000,000?$ Show working without the use of excel