Lbj enterprises is issuing new bonds for a capital, Financial Management

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Lbj enterprises is issuing new bonds for a capital

LBJ Enterprises is issuing new bonds for a capital budgeting project. The bonds will have 20.00 year maturities with a coupon rate of 7.46% APR with semi-annual coupon payments (assume a face value of $1,000 on the bond).

The current market rate for similar bonds is 8.10% APR. The company hopes to raise $33.50 million with the new issue.

To raise the debt, how many bonds must the company issue? (round to two decimal places)

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Financial Management: Lbj enterprises is issuing new bonds for a capital

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