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How many bonds will need to sell to raise

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Problem 1: Lunar Vacations needs to raise $6,300,000 for its new project (a golf course on the moon). Astro Investment Bank will sell the bond for a commission of 2.8%. The market yield is currently 7.5% on twenty-year semiannual bonds. if Lunar Wants to issue a 6.5% semiannual coupon bond, how many bonds will it need to sell to raise the $6,300,000? Assume that all bonds are issued at a par value of $1,000.

Reference no: EM132672223

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