J&J Enterprises Wants to Issue 20-Year, $1,000 Face Value Zero-Coupon

Multiple Choice

J&J Enterprises wants to issue 20-year, $1,000 face value zero-coupon bonds. If each bond is to yield 8%, what is the minimum number of bonds J&J must sell if they wish to raise $2 million from the sale? (Use values in the dollar) (Ignore issuance costs.)

A) 4,290
B) 9,322
C) 10,164
D) 13,880
E) 16,159