1. Suppose in a finance economy with S = 2 and T = 1 there is only one asset which pays 3/2 GBP in each of the two equally likely future states. (1) Do the AD securities lie in the asset span or not? (2) If the price of the only security is p1 = 1, what is the pricing kernel and what is the risk-free rate? 1. Suppose in a finance economy with S = 2 and T = 1 there is only one asset which pays 3/2 GBP in each of the two equally likely future states. (1) Do the AD securities lie in the asset span or not? (2) If the price of the only security is p1 = 1, what is the pricing kernel and what is the risk-free rate