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Van Norman Imports needs $3 million to expand its business. To accomplish this, the firm plans to sell 25-year, $1,000 face value zero coupon bonds.

Van Norman Imports needs $3 million to expand its business. To accomplish this, the firm plans to sell 25-year, $1,000 face value zero coupon bonds. The bonds will be priced to yield 7.15 percent with interest compounded semiannually.

What is the minimum number of bonds the company must sell?

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