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Jill bought a 9-year, 6% coupon bond that pays interest annually (Then the paid coupon interest is soon prior to purchase). The current yield to maturity of bond is 5%. Jill then plans to sell the bond 2 years from now immediately after the annual interest payment is received. Jill then expects the interest rates to decrease to 4% beginning of year- 2. Ignoring taxes but assuming re-investment of interest, what would be Jill's estimated holding period return to be? a) 14.83% b) 3.85% C) 15.05% d) 15.11% Lance Corp this recent year has had EBIT of $950. Lance has a tax rate of 21%, and a depreciation expense that was $55. Lance had $75 for capital expenditures and had a reduction in working capital of $20. Lance also had $1,000 of debt outstanding for the year that carried a 6% interest rate. What was Lance's Free Cash Flow to Equity for the year? a) $903 b) $648 c) $663 d) $703