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Oriole, INC., Management wants to raise $1 million by issuing six-year zero coupon bonds with a face value of $1,000. The comapn'ys investment banker states

Oriole, INC., Management wants to raise $1 million by issuing six-year zero coupon bonds with a face value of $1,000. The comapn'ys investment banker states that investors would use an 9.0 percent discount rate to value such bonds. Assume semiannual coupon payments. At what price would these bonds sell (Round 2 dec) How many bonds would the firm have to issue to raise $1 million (round to 2 dec)

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