The Moonlight Mile Corporation wants to issue $1,000,000 of new bonds. Their bonds will have a coupon rate of 5% paid semiannually, will have 30 years to maturity, will have a par value of $1,000, and have a yield to maturity of 4%. How many bonds should Moonlight Mile sell in order to raise $1,000,000

Multiple Choice

• 1,000

• 857.57

• 1,173.8

• 851.93