Setrakian Industries needs to raise $60.1 million to fund a new project. The company will sell bonds that have a coupon rate of 5.66 percent paid semiannually and that mature in 15 years. The bonds will be sold at an initial YTM of 6.28 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

• 31,957 bonds

• 89,571 bonds

• 30,050 bonds

• 39,946 bonds

• 60,100 bonds