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The Moonlight Mile Corporation wants to issue $1,000,000 of new bonds that will pay semi-annual coupouns. Their bonds will have a coupon rate of 9%

The Moonlight Mile Corporation wants to issue $1,000,000 of new bonds that will pay semi-annual coupouns. Their bonds will have a coupon rate of 9% paid semiannually, will have 15 years to maturity, will have a par value of $1,000, and will be issued with a yield to maturity of 9.5%. How many bonds should Moonlight Mile sell in order to raise $1,000,000

  • 1,000

  • 960.87

  • 1,051.72

  • 1,041.18

If you could put this in financial calculator steps it would be much appreciated.

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