Selling bonds.Lunar Vacations needs to raise $5,900,000 for its new project (a golf course on the moon). Astro Investment Bank will sell the bond for a commission of 2.2%.

The market yield is currently 7.7% on twenty-year semiannual bonds. If Lunar wants to issue a 5.6% semiannual coupon bond, how many bonds will it need to sell to raise the $5,900,000?

Assume that all bonds are issued at a par value of $1,000.