Which one of the following transactions occurred in the primary market?

a.	The president of J.C. Penny, Inc. sold some of her shares to her daughter on the NYSE.
b.	Delta, Inc offered newly issued shares to the general public.
c.	Emma instructs her broker to sell all of her shares in General Electric, Inc.
d.	Anthony purchased 50 shares of RIM stock from his best friend, Edward.
e.	Mona gifted 100 shares of Apple stock to her son-in-law on his birthday.

ABCCompany offers a perpetuity which pays annual payments of $12,843. This contract sells for $336,952 today. What is the interest rate?

a.	5.21
b.	3.81
c.	2.34
d.	10

If you receive $2,590 at the end of each year for the first three years and $627 at the end of each year for the next two years. What is the future value of this cash flow stream? Assume interest rate is 6%.

a.	10,556.29
b.	32,466.17
c.	15,000
d.	17,315.92

How many years will it take to double your money at 6% compounded semi-annually?

a.	8.7
b.	11.72
c.	15
d.	20

As the required rate of return is increased, the:

a.	PV increases, FV decreases
b.	PV decreases, FV increases
c.	PV decreases, FV decreases
d.	PV increases, FV increases