How many bonds will coates company have to sell, Financial Accounting

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How many bonds will coates company have to sell

Problem

Coates Company plans to raise $10 million by selling bonds. Investors are currently requiring a return of 5.1% p.a. on bonds of similar companies. How many bonds will Coates company have to sell, if they issue 15-year bonds with annual coupon payments, a face value of $1,000 and a coupon rate of 3.9%?

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