Question: Pennypacker Industries needs to raise $ 1 0 0 , 0 0 0 , 0 0 0 by issuing bonds. The company plans to issue

Pennypacker Industries needs to raise $100,000,000 by issuing bonds. The company plans to issue a $5000 par value, 25-year semi-annual payment bond that has a coupon rate of 6.40%. The yield to maturity on the bond is expected to be 6.70%. How many bonds must Pennypacker Industries issue?

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