1. Assume M = 1000, P=900, n=20, coupon rate=9%, the approximate YTM is equal to

   	a.	9%
   	b.	10%
   	c.	9.5%
   	d.	none of the above

2. The expected dividend for a common stock on year from now is $3, constant growth rate of dividend is 9%, and discount rate is 14%, the value of the common stock is

   	a.	$17
   	b.	$45
   	c.	$60
   	d.	none of the above