Setrakian Industries needs to raise $83.3 million to fund a new project. The company will sell bonds that have a coupon rate of 5.88 percent paid semiannually and that mature in 30 years. The bonds will be sold at an initial YTM of 6.61 percent and have a par value of $2,000. How many bonds must be sold to raise the necessary funds

The question is missing the options, which can be found in the attached.

The number of bonds necessary to raise the funds is 46,009

Explanation:

First of all, I calculated the price at which would be issued using the pv formula in excel, which =pv(rate,nper,pmt,fv)

rate is the yield to maturity divided by 2 because it is semi-annual payment

nper is 30 years multiplied by 2

pmt is the semi-annual coupon payment

fv is the $2000 payable on maturity

Find attached.

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