1. Designated market makers, who historically have provided liquidity (that is, have stood by ready to buy and sell) in markets for specific stocks, have declined in importance. Explain this decline in terms of technology and global economic integration. Is this a bad thing or a good thing?
2. Assume the market price of a 12?-year bond for Margaret Inc. is ?$725, and it has a par value of $1,000.The bond has an annual interest rate of 8%that is paid semiannually. What is the yield to maturity of the? bond?