To oppose the Glass-Steagall Act, banks argued that they
A. would be forced to extend deposit insurance coverage to firms that were not banks.
B. would have a conflict of interest between their needs to underwrite stocks and to serve their customers.
C. could gain greater monopoly power by lending only to big businesses.
D. could take advantage of economies of scope if they were able to underwrite securities and sell them directly to their customers.
Answer: D
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On January 1, a company issues bonds dated January 1 with a par value of $220,000. The bonds mature in 3 years. The contract rate is 6.0%, and interest is paid semiannually on June 30 and December 31. The market rate is 7.0%. Using the present value factors below, the issue (selling) price of the bonds is: n= i= Present Value of an Annuity(series of payments) Present value of 1(single sum)3 6.0?% 2.6730? 0.8396?6 3.0?% 5.4172? 0.8375?3 7.0?% 2.6243? 0.8163?6 3.5?% 5.3286? 0.8135?
A. $35,169. B. $220,000. C. $214,139. D. $225,861. E. $178,970.
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