What is the minimum number of bonds the firm must sell

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The MerryWeather Firm wants to raise $15 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 4 percent. What is the minimum number of bonds the firm must sell to raise the $15 million it needs? Use annual compounding.

Reference no: EM13329014

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