18. A zero-coupon bond was issued with a $1,000 par value. If similar bonds are currently yielding 10%, what is the market value of the bond with 15 years to maturity? A. $239.39 B. $315.24 C. $800.00 D. $1,000.00 19. An issue of common stock is selling for $64.50. The year-end dividend is expected to be $3.30 assuming a constant growth rate of 7%, what is the required rate of return? A. 12.1% B. 10.1% 20. Ten rights are necessary to purchase one share of stock at the subscription price of $84. A right sells for $6.30. The ex-rights value of the stock is: A. $147 B. $105. C. $63. D. $154 21. A stock sells for $50 rights-on, the subscription price is $40. Nine rights are required to purchase one share. The value of a right is: A. $1.00. B. $10.00. D. $5.00. 22. A $1,000 par value bond with a conversion price of $50 has a conversion ratio of: A. $50. B. $20. C. 50 shares. D. 20 shares 23. The minimum theoretical value of a warrant to buy 5 shares of ACD stock at $45 per share is $10. What is the current market price of ACD stock? A. $45.50 B. $50.00 C. $47.00 D. $37.50