Answered

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JRJ Corporation recently issued 20-year bonds at a price of $1,000. These bonds
pay $120 in interest each six months. Their price has remained stable since they
were issued, that is, they still sell for $1,000.
Due to additional financing needs, the firm wishes to issue new bonds that would
have a maturity of 20 years, a par value of $1,000, and pay $60 in interest every six
months. If both bonds have the same yield, how many new bonds must JRJ issue to raise $8,000,000.

Sagot :

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