14.All else held equal, how does the Present Value of a future payment change as the time to receipt of the payment is lengthened?

Can't tell from the information given.

The change has no effect on the Present Value.

The Present Value becomes larger.

The Present Value becomes smaller.

15.Which fluctuate more:Short-Term Interest Rates or Long-Term Interest Rates?

Short-Term Interest Rates are more volatile.

Long-Term Interest Rates are more volatile.

Both are equally volatile.

Both are fixed and don't fluctuate.

16.Suppose interest rates on US Treasury Bonds have increased from 2% to 7% due to higher interest rates in Europe.What impact would that have on the price of an average company's common stock price?

Would cause the stock price to go up.

Would have no impact on the stock price.

Can't tell from the information provided.

Would cause the price of the common stock to go down.