Lunar Vacations needs to raise

$5,700,000

for its new project (a golf course on the moon). Astro Investment Bank will sell the bond for a commission of

2.3%.

The market yield is currently

7.9%

on twenty-year semiannual bonds. If Lunar wants to issue a

6.3%

semiannual coupon bond, how many bonds will it need to sell to raise the

$5,700,000?

Assume that all bonds are issued at a par value of

$1,000.