Bonds will sell at par when their market value is ______________

• Higher than their face value
• Equal to their face value
• Lower than their face value
• Independent of their face value
• Not enough information

One advantage of the internal rate of return approach to capital budgeting decision-making is that

• IRR assumes project cash flows are reinvested at the firm's cost of capital
• IRR is easy to understand
• IRR presents a subjective criterion for project selection
• All of the above are advantages
• None of the above are advantages