Question: The App Store needs to raise $2.2 million for an expansion project. The firm wants to raise this money by selling zero coupon bonds with

The App Store needs to raise $2.2 million for an expansion project. The firm wants to raise this money by selling zero coupon bonds with a par value of $1,000 that mature in 20 years. The market yield on similar bonds is 8.8 percent. How many bonds must The App Store sell to raise the money it needs? (Assume semiannual compounding.)

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