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Joe's Equipment needs $225,000 today to purchase some new equipment.

They are planning on issuing 10-year bonds with a $1,000 face value, 6% coupon rate and semi- annual interest payments.

The current market rate of interest is 6.5%. How many bonds must Joe's Equipment sell to raise the money they need?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92799807

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