Westover Company Needs $1

Multiple Choice

Westover Company needs $1.8 million to expand its business.To accomplish this,the firm plans to sell 25-year,$1,000 face value zero-coupon bonds.The bonds will be priced to yield 7.15 percent with interest compounded semiannually.What is the minimum number of bonds the company must sell? Ignore all issue costs.

A) 10,424 bonds
B) 11,429 bonds
C) 10,333 bonds
D) 10,118 bonds
E) 11,410 bonds