1. Time to Maturity A bond issued by a corporation on June 15, 2007 is scheduled to mature on June 15, 2027. If today is December 16, 2008, what is this bond's time to maturity?
18 years
18 years, 6 months
20 years
1 year, 6 months
2. Asset Management Ratios Corn Products, Corp. ended the year 2008 with an average collection period of 36 days. The firm's credit sales for 2008 were $10.3 million. What is the year-end 2008 balance in accounts receivable for Corn Products? (Consider a 365 days a year.)
$0.2861 million
$1.0159 million
$370.8 million
$3.4951 million