The following items appeared in the Investing Activities section of Apple Inc.'s statement of cash flows included in Form 10-K for the year ended September 29, 2012. (All amounts are in millions of dollars.)

Required

1. What amount did Apple spend in 2012 to purchase marketable securities? How does this amount compare to the amounts spent in the two prior years?

2. What amount did Apple receive from marketable securities that matured in 2012? How does this amount compare to the amounts received in the two prior years?

3. The third line in the preceding excerpt reports proceeds from sales, rather than maturities, of marketable securities. Why would certain types of marketable securities mature while others would be sold?

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2012 2011 2010 $(151,232) (102,317) $(57,793) Purchases of marketable securities Proceeds from maturities of marketable securities Proceeds from sales of marketable securities 13,035 99,770 20,437 24,930 9,416 21,788