(Please show all work and step by step calculations, thank you!)

Which of the following statements is CORRECT?

a. Capital market instruments include both long-term debt and common stocks.

b. An example of a primary market transaction would be your uncle transferring 100 shares of Walmart stock to you as a birthday gift.

c. If your uncle in New York sold 100 shares of Microsoft through his broker to an investor in Los Angeles, this would be a primary market transaction.

d. The NYSE does not exist as a physical location. Rather it represents a loose collection of dealers who trade stock electronically.

e. While the two frequently perform similar functions, investment banks generally specialize in lending money, whereas commercial banks generally help companies raise large blocks of capital from investors.