38. Which underwriting agreement involves the underwriting firm to guarantee the purchase of all of the securities being offered for sale by the issuer regardless of whether it can sell them to investors? A Best Effort B Firm Commitment C Market-Out Clause D Mini-Maxi

39. The current yield on a bond is equal to: A annual interest payment divided by the current market price B the yield to maturity C annual interest divided by the par value D the internal rate of return

40. Who lends at the discount rate? A The Fed to member banks B Banks to other banks C U.S. banks to foreign banks D Member banks to the Fed