What is the minimum number of bonds it must sell to raise the money it needs?

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Global Exporters wants to raise $31 million to expand its business. To accomplish this, it plans to sell 20-year, $1,000 face value, semiannual coupon bonds. The bonds will be priced to yield 7.75 percent and a coupon rate of 6.2 percent. What is the minimum number of bonds it must sell to raise the money it needs? A. 40,411 B. 29,029 C. 36,743 D. 54,907

 

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