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LBJ Enterprises is issuing new bonds for a capital budgeting project. The bonds will have 20.00 year maturities with a coupon rate of 7.14% APR

LBJ Enterprises is issuing new bonds for a capital budgeting project. The bonds will have 20.00 year maturities with a coupon rate of 7.14% APR with semi-annual coupon payments (assume a face value of $1,000 on the bond) The current market rate for similar bonds is 8.84% APR. The company hopes to raise $38.50 million with the new issue. Answer Format: Number: Round to: 2 decimal places. Enter Answer Here

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