Marshall Company is issuing eight-year bonds with a coupon rate of 5.28 percent and semiannual coupon payments. If the current market rate for similar bonds is 7.91 percent. What will be the bond price? (Round intermediate calculations to 5 decimal places, e.g. 1.25145 and bond price to 2 decimal places, e.g. 15.25.)
If company management wants to raise $1.25 million, how many bonds does the firm have to sell? (Round intermediate calculations to 5 decimal places, e.g. 1.25145 and number of bonds to 0 decimal places, e.g. 5,275.)