Deltona Motors just issued 230,000 zero-coupon bonds.These bonds mature in 18 years, have a par value of $1,000, and have a yield to maturity of 5.9 percent.What is the approximate total amount of money the company raised from issuing these bonds? Assume semiannual compounding.
A) $88.20 million
B) $80.76 million
C) $75.14 million
D) $62.08 million
E) $91.84 million
Correct Answer:
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