QANTAS has suffered massive losses with the grounding of its planes due to the COVID19 pandemic. It is planning on raising $25,000,000 in new debt capital through the issue of 9% p.a. monthly coupon bonds with a face value of $100,000. These bonds have a market yield is 12% p.a. compounded daily and is expected to mature in seven years. Given the market conditions, the bonds will need to be issued at a 15% discount, how many bonds will QANTAS need to issue?

357

329

336

None of the options

344