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The Moonlight Mile Corporation wants to issue $1,000,000 of new bonds that will pay semi-annual...

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Finance

The Moonlight Mile Corporation wants to issue $1,000,000 of new bonds that will pay semi-annual coupouns. Their bonds will have a coupon rate of 9% paid semiannually, will have 15 years to maturity, will have a par value of $1,000, and will be issued with a yield to maturity of 9.5%. How many bonds should Moonlight Mile sell in order to raise $1,000,000

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