The outlet needs to raise 32 million for an expansion


The Outlet needs to raise $3.2 million for an expansion project. The firm wants to raise this money by selling zero coupon bonds with a par value of $1,000 that mature in 20 years. The market yield on similar bonds is 7.8%. How many bonds must the Outlet sell to raise the money it needs? (semi annual compounding) (show all work)

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Financial Management: The outlet needs to raise 32 million for an expansion
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