1. A firm has $6 million in cash, $1.5 million in accounts receivable, and inventory of $4.2 million. The firm's accounts payable is $7.4 million and the firm has no shortminus−term debt. What is the firm's quick ratio?
2. You are saving money to go to graduate school. You've taken your first job and you plan to save $489 each month into the bank account that pays 3.28% compounded monthly for the next five years for your grad school fund. How much money will you accumulate by the end of year five?
3. A store will give you a 1.25% discount on the cost of your purchase if you pay cash today. Otherwise, you will be billed the full price with payment due in 1 month. What is the implicit borrowing rate being paid by customers who choose to defer payment for the month? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)