Renees Boutique, Inc., needs to raise $58.11 million to finance firm expansion. In discussions with its investment bank, Renees learns that the bankers recommend a debt issue with an offer price of $1,000 per bond and they will charge an underwriters spread of 4.5 percent of the gross price.

Calculate the net proceeds to Renees from the sale of the debt. (Enter your answer in millions of dollars and round to 2 decimal places.)

Net proceeds to Renees

$ m

How many bonds will Renees Boutique need to sell in order to receive the $58.11 million it needs? (Do not round intermediate calculations and round your final answer to the nearest whole number.)

Number of bonds

bonds