Problem:
The MerryWeather Firm wants to raise $15 million to expand its business. To accomplish this, the firm plans to sell 10-year, $1,000 face value zero-coupon bonds. The bonds will be priced to yield 4 percent.
Required:
Question: What is the minimum number of bonds the firm must sell to raise the $15 million it needs? Use annual compounding.
Note: Please provide through step by step calculations.