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Waffles and More wants to raise $6.5 million by issuing 12-year, zero coupon bonds. The market requires a 9.3 percent return on similar bonds. The

Waffles and More wants to raise $6.5 million by issuing 12-year, zero coupon bonds. The market requires a 9.3 percent return on similar bonds. The face value per bond will be $1,000. How many bonds must the firm issue? Ignore all issue and transaction costs.

a. 17,680 bonds b. 19,349 bonds c. 21,333 bonds d. 24,867 bonds

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