A payday lender makes a loan to a customer. The customer is given $200 today and she must repay $230 in two weeks to the lender. What rate must be quoted to the customer?
A) 10%
B) 11%
C) 290%
D) 260%
E) 391%
An investment banker agrees to a firm commitment offering of 1.2 million shares of Bally stock. The offer price is set at $25 and the spread is 30 cents per share. If the stock is actually sold to the public at $26,000, what is the amount of funds Bally receives?
A) 31,200,000
B) 30,600,000
C) 30,240,000
D) 29,640,000
E) 28,120,000