Which of the following statements about cash management accounts (CMAs) are true?
A) The cash management account was developed in 1977 by Merrill Lynch.
B) The advantage of brokerage-based cash management accounts is that they make it easier to buy and sell securities.
C) As a result of CMAs, the distinction between banking activities and the activities of nonbank financial institutions has become more clearly defined.
D) All of the above are true.
E) Only A and B of the above are true.
E
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