Setrakian Industries needs to raise $55.7 million to fund a new project. The company will sell bonds that have a coupon rate of 5.64 percent paid semiannually and that mature in 30 years. The bonds will be sold at an initial YTM of 6.25 percent and have a par value of $2,000. How many bonds must be sold to raise the necessary funds? (Round your intermediate calculations to two decimal places and final answer to the nearest whole number.)

Multiple Choice

• 27,850 bonds

• 30,344 bonds

• 103,104 bonds

• 55,700 bonds

• 37,930 bonds