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Score: 0 of 1 pt 6 of 10 (2 complete) HW Score: 10%, 1 of 10 pts P15-12 (similar to) Question Help Selling bonds. Rawlings

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Score: 0 of 1 pt 6 of 10 (2 complete) HW Score: 10%, 1 of 10 pts P15-12 (similar to) Question Help Selling bonds. Rawlings needs to raise $42,400,000 for its new manufacturing plant in Jamaica. Berkman Investment Bank will sell the bond for a commission of 2.8%. The market yield is currently 7.2% on twenty-year zero- coupon bonds. If Rawlings wants to issue a zero-coupon bond, how many bonds will it need to sell to raise the $42,400,000? Assume that the bond is semiannual and issued at a par value of $1,000. How many bonds will Rawlings need to sell to raise the $42,400,000? (Round to the nearest whole number.)

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