1. The approximate yield to maturity of a bond is equal to

   	a.	average return/ purchase price
   	b.	average return/average price
   	c.	(I+M-P)/(M+P)/2
   	d.	both b and c

2. Assume M = 1000, P=900, n=20, coupon rate=9%, the approximate YTM is equal to

   	a.	9%
   	b.	10%
   	c.	9.5%
   	d.	none of the above