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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
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1,000
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960.87
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1,051.72
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1,041.18
If you could put this in financial calculator steps it would be much appreciated.
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