Which of the following is an example of direct financing, and which is an example of indirect financing?
a. Fred Fornow borrows $20,000 to purchase a new car.
b. Gloria Gregory deposits $10,000 in a money market mutual fund.
c. DuPont Inc. makes a $100 million 10-year bond issue to finance the building of a plant in China.
d. Henrietta Hernandez purchases $15,000 worth of Bank of America shares in a new stock issue.
e. IBM issues $400 million in five-year notes yielding 6.5%. The notes are purchased mainly by foreign residents.