1. The holding-period return on a share was 25%. Its ending price was $18, and its beginning price was $16. Given these numbers, calculate its cash dividend (in $).

2. The holder of which security has the most senior claim on the cash flows from a business?

	a.	Investment grade corporate bonds
	b.	Common equity
	c.	Preferred equity
	d.	Bank debt

3. A bond pays interest semiannually. It has a par value of $1,000, a yield to maturity of 6.4%, it matures in 9 years and carries a coupon rate of 7.5%. Calculate its value (in $) today.