A company wishes to raise $27 million by issuing 15-year semi-annual coupon bonds with face value of

Fantastic news! We've Found the answer you've been seeking!

Question:

A company wishes to raise $27 million by issuing 15-year semi-annual coupon bonds with face value of $1,000 and coupon rate of 6.60 percent. The bonds will have a yield to maturity of 7.70 percent. Determine the minimum number of these bonds the company needs to issue to raise the desired amount of money.

A. 52,803

B. 39,575

C. 36,590

D. 29,896