Pennypacker Industries needs to raise $42,000,000 by issuing bonds. The company plans to issue a $1000 par
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Pennypacker Industries needs to raise $42,000,000 by issuing bonds. The company plans to issue a $1000 par value, 16-year semi-annual payment bond that has a coupon rate of 4.40%. The yield to maturity on the bond is expected to be 4.70%. How many bonds must Pennypacker Industries issue? Round your answer up to the nearest whole number (i.e., no decimal places); for example, enter 112,304.874 or 112,304.128 as 112305.
Related Book For
Foundations of Financial Management
ISBN: 978-1259024979
10th Canadian edition
Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen, Doug Short, Michael Perretta
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