Deltona Motors just issued 225,000 zero coupon bonds.These bonds mature in 20 years,have a par value of $1,000,and have a yield to maturity of 7.45 percent.What is the approximate total amount of money the company raised from issuing these bonds? (Assume semiannual compounding.)
A) $48.20 million
B) $52.10 million
C) $55.14 million
D) $162.08 million
E) $225.00 million
Correct Answer:
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