Need assistance for the following questions. Please see attachment.

1. The quoted price for a September T- bond futures contract has a quoted price of 110'6. If annual interest rates go down by 1.5 percentage point, what is the gain or loss on the futures contract? A. -$11,146 B. -$18,404 C. $11,146 D. $18,404 E. None of the above 2. Harcourt Corp. issues fixed rate date at 9%. It agrees to an interest rate swap which calls for it paying LIBOR to Brandt Co. and receiving 8.5% from Brandt. What is Harcourt's net payment? A. LIBOR - 0.5% B. LIBOR + 0.5% C.LIBOR + 8.5% D. LIBOR + 9.0% E. None of the above 3. Panda Products is evaluating whether it should make an offer for Orman Industries. Panda estimates the value of Orman at $250 million. Orman has debt of 25 million, preferred stock of $15 million, and outstanding common shares of 30 million. Based on this information, what is the value per common share? A. $7.00 B. $7.50 C. $7.83 D. $8.33 E. None of the above 4. What is the maximum price per share Belmont Co. should pay for Cilla Co. based on the following data for Cilla: PV of future cash flows $900 million, 50 million outstanding shares, no debt, and discount rate of 10%. Cilla's current stock price is $20. What is the maximum price per share that Belmont should offer? A. $16.36 B. $18.00 C. $40.91 D. $45.00 E. None of the above 5. The United Airlines and Continental Airlines merger is what type of merger? A. Congeneric B. Conglomerate C. Horizontal D. Vertical E. None of the above 6. In a pure financial merger, which of the following benefits is expected? A. Management efficiency B. Economies of scale C. Operating economies D. All of the above E. None of the above 7. Two months ago, a June Treasury bond futures contract had a quoted price of 98'12. Now, the quote price is 97'6. Market interest rates have A. Gone up B. Gone down C. Remained the same D. Need more information E. None of the above 8. The December CBOT Treasury bond futures contract has a quoted price of 95'09. What is the implied annual interest rate inherent in this futures contract? A. 2.35% B. 3.21% C. 6.42% D. 6.65% E. None of the above