One year ago Lerner and Luckmann Co. issued 15-year, noncallable, 8% annual coupon bonds at their par value of $1,000. Today, the market interest rate on these bonds is 5.5%. What is the current price of the bonds, given that they now have 14 years to maturity?

Select the correct answer.

a. $1,235.04

b. $1,230.34

c. $1,237.39

d. $1,239.74

e. $1,232.69

Stewart Inc.'s latest EPS was $3.50, its book value per share was $22.75, it had 152,500 shares outstanding, and its debt-to-assets ratio was 46%. How much debt was outstanding?

Select the correct answer.

a. $2,956,668

b. $2,956,349

c. $2,955,712

d. $2,955,394

e. $2,956,031