5. In a firm-commitment underwriting of new securities, an investment bank and makes a profit by

Guarantees the price but not the sale of issuance, buying low and selling high

Increases the bid-ask spread, buying whole issue

Guarantees the sales but not the prices of new securities, selling the whole batch to commercial banks

Buys the securities from the issuer at a price, selling them at a higher price

6. In a primary market the issuer.; investors

Gets the funds from the securities it issues; get to pay the issue only after a wait of two days

None of these choices

Gets the funds from securities it issues; normally buy the securities through the underwriter

All of the choices

Gets the funds from the sale of the securities directly from investors without going through an investment bank; must go through their borrowers to buy or sell the securities