Shuman secures a 30-year mortgage for $377,900 and an annual interest rate of 4.875% compounded monthly. (Round your answers to the nearest cent.) (a) Find the monthly mortgage payment (in dollars). (b) If Shuman keeps the loan for 30 years, how much interest will he repay (in dollars) over that time?

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Market Efficiency

Market efficiency refers to the market's ability to provide investors with all available information about investment options for buying and selling securities. Market efficiency reflects the true value of securities without undervaluing or overvaluing them. When the quality and quantity of information increase, the market becomes more efficient, allowing it to reduce arbitrage and obtain higher market returns from investment. In a well-functioning market, everyone receives all information completely and immediately at no cost. It opens up a plethora of opportunities for investors to access various investment options.