(1.5 points) Consider two securities that pay risk free cash flows over the next two years and that have the current market prices shown here: 2. SecurityPrice Today Cash flow in one year Cash flow in two years Bl B2 What is the no arbitrage price of a security that pays cash flows of $200 in one year and $600 in two years? 190 180 200 200 (2 points) Graph below describes average stock price reaction of target firms to takeover announcements (announcement is "day 0" on the X-axis). What can be concluded about market efficiency with respect to reflection information contained 3. in takeover announcements by targets' prices? Evidence on which form) of market efficiency could be obtained from the graph? Explain. Be very specific but brief