You observe the 12-month and 18-month zero coupon rates for u. s. treasury securities are 1.95% and 2.25%, respectively. assuming arbitrage free markets and no friction costs, the implied 6-month rate in 12 months’ time should be closest to:

semiannual 1.42%

yearly          2.85%

Explanation:

Those are annual rate so we need to determinate the 6-month rate

The annual rate times the semiannual rate will be equal to the 18 months rate

r = 0.01416296  = 1.42%

If we want to express it annually:

1.0142^2 - 1 = r  = 2.85%

there's 11 people for the 1st position. then, no matter who gets it, there's only 10 left for the second, and then 9 left for the third. 11 x 10 x 9 = 990.   the answer is there are 990 different ways the positions can be filled by these applicants

answer; balance sheets;