Refer to Figure 7.1. If Angus chooses to earn the most money, he will receive a daily payoff of

In the United States, runs on banks are prevented because

A) banks are forbidden to make unprofitable loans. B) banks have the option of denying depositors access to their funds. C) the government guarantees bank accounts for up to $250,000. D) banks keep 100 percent of their deposits on hand.

What is the yield to maturity of a consol with a coupon of $85 and a price of $944.44?

A) 5.56% B) 8.50% C) 9.00% D) Not enough information has been provided to determine the answer.