1. Diane and Rachel operate a restaurant at the county fair every year to raise money for the local 4-H Club. They decide together what to serve, what hours to operate, and generally how to run the business. Do they have a partnership? Explain rationale.
2. A 4 year maturity 12% coupon annual payment corporate bond with a required rate of return of 12% has a duration of how many years?
3. A 4 year annual payment 5% coupon treasury bond has a price of $1023. The bond's YTM must be?