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Montgomery Burns needs $20 million to expand his business. He decides to sell 15-year zero-coupon...

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Accounting

Montgomery Burns needs $20 million to expand his business. He decides to sell 15-year zero-coupon bonds with a $1,000 face value to finance the expansion. The bonds will be priced to yield 6 percent annually. What is the minimum number of zero-coupon bonds he must sell? Use annual compounding.

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