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LBJ Enterprises is issuing new bonds for a capital budgeting project. The bonds will have 21.00 year maturities with a coupon rate of 7.20% APR
LBJ Enterprises is issuing new bonds for a capital budgeting project. The bonds will have 21.00 year maturities with a coupon rate of 7.20% APR with semi-annual coupon payments (assume a face value of $1,000 on the bond). The current market rate for similar bonds is 8.50% APR. The company hopes to raise $35.00 million with the new issue. To raise the debt, how many bonds must the company issue? (round to two decimal places)
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