Which of the following statements about aging schedules is(are) most correct?

1) Aging schedules are used to optimize patient flow at elder care clinics.

2) Aging schedules are used to prioritize payments to vendors for supply purchases.

3) Aging schedules are used to monitor an organization's receivables.

4) Answers (a), (b), and (c) are correct.

5) None of the above is correct.

2. Calculate the Macaulay duration for a 5-year $1,000 par value bond, with a 6% coupon and a yield to maturity of 8%. Interest is paid annually.

a. 4.64 years

b. 4.25 years

c. 4.44 years

d. 4.56 years

e. None of the above