On which day you have to buy a common stock in order to receive the dividend?

		The record date
		The declaration date
		The ex-dividend date
		The residual date
		The day before the ex-dividend date

You plan to borrow $150,000 from the bank to pay for inventories for your small business. The bank offers to lend you the money at 7 percent annual interest for the 4 months the funds will be needed. In addition, the bank requires you to maintain a compensating balance of 6% of the loan amount that will come out of the loan. Calculate the effective cost of the credit if the interest is discounted.

		7.64%
		6.52%
		9.89%
		5.42%
		8.76%