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lbj enterprises is issuing new bonds for a capital budgeting project. the bonds will mature in 20 years and have a coupon rate of 5.80%

lbj enterprises is issuing new bonds for a capital budgeting project. the bonds will mature in 20 years and have a coupon rate of 5.80% with semi annual coupon payments. assume a par value of 1000 on the bond. the current yield to maturity for similar bonds is 6%. the company hopes to raise 16 million with the new issue. to raise the debt how many bonds must the company raise?

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