The MerryWeather Firm Wants to Raise $10 Million to Expand

Multiple Choice

The MerryWeather Firm wants to raise $10 million to expand its business. To accomplish this,it plans to sell 30-year,$1,000 face value zero-coupon bonds. The bonds will be priced to yield 6%. What is the minimum number of bonds it must sell to raise the $10 million it needs?

A) 47,411
B) 52,667
C) 57,435
D) 60,000
E) 117,435