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13. Marcy wants to buy a new car in one year.She currently has $1,500 in the bank. Marcy plans to save $250 a month towards

13. Marcy wants to buy a new car in one year.She currently has $1,500 in the bank. Marcy plans to save $250 a month towards the car.How much will Marcy have for a down payment assuming her bank pays 6% compounded monthly?

a. $4,584

b. $3,084

c. $4,217

d. $4,676

14.A bond with a face value of $1,000 has annual coupon payments of $100 and was issued 7 years ago. The bond currently sells for a premium and has 8 years left to maturity. This bond's ____ must be less than 10%.

I. yield to maturity II. current yield III. coupon rate

a. I only

b. II only

c. III only

d. II and III only

e. I and II only

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