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What is the minimum number of bonds

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The MerryWeather Firm wants to raise $12 million to expand its business. To accomplish this, the firm plans to sell 10-year, $1,000 face value zero-coupon bonds. The bonds will be priced to yield 6 percent. What is the minimum number of bonds the firm must sell to raise the $12 million it needs? Use annual compounding.

Reference no: EM131105333

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