Northern Warehouses wants to raise $11.4 million to expand its business. To accomplish this, it plans to sell 40-year, $1,000 face value, zero-coupon bonds. The bonds will be priced to yield 8.75 percent. 

What is the minimum number of bonds it must sell to raise the $11.4 million it needs?

Answer rating: 100% (QA)

To calculate the minimum number of bonds that Northern Warehouses must sell to raise 114 m... View the full answer