A firm will borrow $1 million for six months on a discount basis. The annual interest rate on the loan is 6%. What is the annual percentage cost of the loan?

Which statement(s) is(are) true with regard to qualified retirement plans?

I. Distribution from qualified plans are not taxable. II. Investment income accumulates tax-deferred in qualified plans. a) I only b) II only c) Both I and II d) Neither I nor II

Length of service as a factor in promotion

a. is the sole consideration in a majority of contracts. b. is of less importance than it is with layoffs and rehiring. c. is a minor consideration. d. causes great problems in a large majority of cases.