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Setrakian Industries needs to raise $64.9 million to fund a new project. The company will sell bonds that have a coupon rate of 5.72 percent
Setrakian Industries needs to raise $64.9 million to fund a new project. The company will sell bonds that have a coupon rate of 5.72 percent paid semiannually and that mature in 30 years. The bonds will be sold at an initial YTM of 6.37 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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