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Determine the new bonds jrj issue

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JRJ Corporation recently issued 10-year bonds at a price of $1,000. These bonds pay $66 in interest each six months. Their price has remained stable since they were issued, i.e., they still sell for $1,000. Due to additional financing needs, the firm wishes to issue new bonds that would have a maturity of 11 years, a par value of $1,000, and pay $46 in interest every six months. If both bonds have the same yield, how many new bonds must JRJ issue to raise $2,000,000 cash?

Reference no: EM133076638

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