LBJ Enterprises is issuing new bonds for a capital budgeting project. The bonds will have...
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LBJ Enterprises is issuing new bonds for a capital budgeting project. The bonds will have 20.00 year maturities with a coupon rate of 7.24% APR with semi-annual coupon payments (assume a face value of $1,000 on the bond).
The current market rate for similar bonds is 9.30% APR. The company hopes to raise $36.00 million with the new issue.
To raise the debt, how many bonds must the company issue? (round to two decimal places)
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