1. A common way to value midstream and downstream energy assets is by using a multiple of EBITDA and a multiple of refining capacity. Using these valuation methods, as well as a growing perpetuity model, what is your enterprise valuation estimate of PSX?

2. An investment offers a 10.7 percent total return over the coming year. Bill Bernanke thinks the total real return on this investment will be only 3.1 percent. Therefore, Bill believes the inflation rate will be.

3. Grohl Co. issued 16-year bonds a year ago at a coupon rate of 12 percent. The bonds make semiannual payments. If the YTM on these bonds is 6.6 percent, the current bond price is.