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Using a financial calculator- A company is expanding and is issuing bonds to fund the expansion, which will cost $1 million. The company plans to
Using a financial calculator-
A company is expanding and is issuing bonds to fund the expansion, which will cost $1 million. The company plans to issue bonds with a par value of $1,000, a coupon rate of 6% with semiannual payments, and a maturity of 10 years. The company expects that investors who buy the bonds will demand a yield to maturity of 8%. How many bonds will the company have to issue in order to raise the necessary $1 million?
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