19.	Which entity is the most significant borrower in the U.S. money markets? A) large corporations B) insurance companies C) commercial banks D) the Federal Reserve E) The U.S. Treasury

20.	Suppose a $10 million face value commercial paper with a 270-day maturity is selling for $9.55 million. What is the bond equivalent yield (BEY) on the paper? A) 4.71 percent B) 6.48 percent C) 4.50 percent D) 6.37 percent E) 6.28 percent

21.	If a $10,000 part T-bill has a 3.75 percent discount quote and a 90-day maturity, what is the price of the T-bill to the nearest dollar? A) $9,980. B) $9,627. C) $9,906. D) $9,625 E) None of the other answers is correct.