A market culture has a strong internal focus, and it concentrates on developing the business and marketing plans and helping employees market their product(s).

All of these are characteristics of a universal life insurance policy EXCEPT

A) Flexible death benefit B) Fixed surrender value C) Flexible premiums D) Builds cash value

Tom's Ventures has a zero coupon bond issue outstanding that matures in thirteen years. The bonds are selling at 48 percent of par value. The company's tax rate is 34 percent. What is the company's after-tax cost of debt?

A) 3.83 percent B) 4.11 percent C) 4.73 percent D) 4.80 percent E) 5.81 percent