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The International Airport Authority of Vonda, Saskatchewan, plans to raise $45 million to expand the...

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Finance

The International Airport Authority of Vonda, Saskatchewan, plans to raise $45 million to expand the current terminal. To accomplish this the organization will sell 25-year, $1,000 face value, 5.5%, semiannual-pay bonds. The bonds will be priced to yield 4.25 percent. What is the current price of the bonds? How many bonds must the company sell to raise the required capital?

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