The MerryWeather Firm wants to raise $12 million to expand its business. To accomplish this, the firm plans to sell 10-year, $1,000 face value zero-coupon bonds. The bonds will be priced to yield 6 percent. What is the minimum number of bonds the firm must sell to raise the $12 million it needs? Use annual compounding.

21,490

48,293

12,000

10,745

24,146