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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
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.)
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