Which statement best defines a mutual fund? a. It is a fund set aside by a local government to lend to small firms who want to invest in projects that are beneficial to the firm and community. b. It...

Which statement best defines a mutual fund? a. It is a fund set aside by a local government to lend to small firms who want to invest in projects that are beneficial to the firm and community. b. It is an institution that sells stocks and bonds on behalf of small and less known firms who would otherwise have to pay high interest to obtain credit. c. It is an institution that sells shares to the public and uses the proceeds to buy a selection of various types of stocks and bonds. d. It is a financial market where small firms agree to sell and bonds to raise funds.