A company plans to raise $1.5 million by using new bonds of face value $1000, maturity 15 years, and coupon rate of 9% and yield to maturity of 11.5%. The new bonds will incur a floatation cost of 10%. What is the approximate number of bonds this company would be required to issue (after paying floatation cost) for raising $1.5 million? Assume tax rate to be 34%.