Money market instruments: Commercial paper

Which of the following are typical commercial paper maturities? Check all that apply.

$1$ day

$30$ days

$270$ days

$340$ days

Which of the following are characteristics of commercial paper? Check all that apply.

Firms are the most common investors in these securities$.$

Their maturities are normally between $20$ and $45$ days but can be as short as $1$ day or as long as $270$ days.

They are typically used to finance firms' major projects like the construction of new facilities.

They are typically used as an alternative to short$-$term bank loans.