1. A company had $103,666 in sales and $52,004 in cost of goods sold during the year. They had net income of $31,680. The average amount of receivables during the year was $28,268. What was the receivable turnover ratio? Express your answer in times (rather than days) with one place to the right of the decimal (XX.X).
2. Jay, Inc. has 7% coupon bonds outstanding with semiannual payments and is priced at par value. The Jay, Inc. bond has 2 years to maturity. If interest rate suddenly rises from 7% to 9%, what is the percentage change in the price of the bond?
3. A 10-year, 12 percent semiannual coupon bond, with a par value of $1,000 sells for $1,100. What is the bond’s yield to maturity?