Kintel Inc. management wants to raise $1 million by issuing six-year zero coupon bonds with a face value of $1,000. The company's investment banker states that investors would use an 9.77 percent discount rate to value such bonds. Assume semiannual coupon payments.

How many bonds would the firm have to issue to raise $1 million?(Round intermediate calculations to 4 decimal places, e.g. 1.2514 and number of bonds to 0 decimal places, e.g. 5,275.)

Number of bonds

The International Publishing Group is raising $10 million by issuing 15-year bonds with a coupon rate of 11.12 percent. Coupon payments will be made annually. Investors buying the bonds today will earn a yield to maturity of 11.12 percent. At what price will the bonds sell in the marketplace? Explain

Sale Value in $