1. The assets of a mutual fund are $25 million. The liabilities are $4 million. If the fund has 700,000 shares outstanding and pays a $3 dividend, what is the dividend yield?
2. EITHER discuss the pros & cons of Yale (University) owing a forest as part of it's endowment OR briefly discuss any major financial development that had an impact on financial markets.
3. A Treasury-bill with 105 days to maturity is selling at a bank discount ask yield of 1.97%. If the face value is $10,000, what is the price? What is its bond equivalent yield?