LBJ Enterprises is issuing new bonds for a capital budgeting project. The bonds will have 24.00 year maturities with a coupon rate of 7.38% APR with semi-annual coupon payments (assume a face value of $1,000 on the bond). The current market rate for similar bonds is 8.38% APR. The company hopes to raise $39.50 million with the new issue. Based on the current market rate, what will one of the new bonds sell for

To raise the debt, how many bonds must the company issue? (round to two decimal places)