Instructions	Do not do interim rounding, round final values to 2 places unless otherwise stated, and state interest rates as percentages to two places (8.50, not .0850). Do not label answers with $ or % or word labels.

Pinnacle Consulting is planning to issue a zero-coupon bond with a 15-year maturity at a yield to maturity of 5.75%. Pinnacle needs to raise $15,000,000. To the nearest thousand, how many bonds do they need to issue?

*a zero-coupon bond pays no coupon interest payments, but is still calculated as if they pay semi-annually* State your answer in millions, e.g., 12,849,000 not 12,849