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Setrakian Industries needs to raise $ 9 6 . 2 million to fund a new project. The company will sell bonds that have a coupon

Setrakian Industries needs to raise $96.2 million to fund a new project. The company will sell
bonds that have a coupon rate of 6.04 percent paid semiannually and that mature in 30 years.
The bonds will be sold at an initial YTM of 6.85 percent and have a par value of $1,000. 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.)
[HINT: FIND THE PRICE OF THE BONDS FIRST. ONCE YOU KNOW THE PRICE OF EACH UNIT, YOU
SHOULD BE ABLE TO FIGURE OUT HOW MANY UNITS TO OF THE BOND TO SELL TO RAISE THE
REQUIRED AMOUNT.]
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