Global Exporters wants to raise $29.6 million to expand its business. To accomplish this, it plans to sell 20-year, $1,0

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answerhappygod
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Global Exporters wants to raise $29.6 million to expand its business. To accomplish this, it plans to sell 20-year, $1,0

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Global Exporters wants to raise $29.6 million to expand its
business. To accomplish this, it plans to sell 20-year, $1,000 face
value, zero coupon bonds. The bonds will be priced to yield 7.75
percent. What is the minimum number of bonds it must sell to raise
the money it needs?
the correct answer is N=20*2, YTM=7.75/2, PMT=0, FV=1000, PV=X,
then 29600000/X.
My question is why we divide N and YTM by 2, the semiannual
payment is not mentioned in the question.
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