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Pinnacle Consulting is planning to issue a zero-coupon bond with a 7-year maturity at a...

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Finance

Pinnacle Consulting is planning to issue a zero-coupon bond with a 7-year maturity at a yield to maturity of 2.90%. Pinnacle needs to raise $8,000,000. To the nearest thousand, how many bonds do they need to issue?

*a zero-coupon bond pays no coupon interest payments, but is still calculated as if they pay semi-annually* State your answer in millions, e.g., 12,849,000 not 12,849

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