Setrakian Industries needs to raise $94.8 million to fund a new project. The company will sell bonds that have a coupon rate of 5.98 percent paid semiannually and that mature in 15 years. The bonds will be sold at an initial YTM of 6.76 percent and have a par value of $2,000. How many bonds must be sold to raise the necessary funds? (Round your intermediate calculations to two decimal places and final answer to the nearest whole number.) 

Multiple Choice

94,800 bonds 

63,903 bonds 

47,400 bonds 

51,123 bonds 

145,540 bonds

Answer rating: 100% (QA)

Correct option is 51123 bonds Using financial calculator BA II Plus Input details IY R Rate or y... View the full answer