Selling bonds.Rawlings needs to raise $35,900,000 for its new manufacturing plant in Jamaica. Berkman Investment Bank will sell the bond for a commission of 2.5%. The market yield is currently 7.6% ontwenty-year zero-coupon bonds. If Rawlings wants to issue azero-coupon bond, how many bonds will it need to sell to raise the $35,900,000? 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 $35,900,000?