3. Explain the theory behind the dividend discount model.

8. Explain the theory behind the free cash flow model.

11. Explain why it is hard to estimate growth rate for both the dividend model and FCF model. Explain why the FCF model growth rate is even harder to estimate than the dividend model growth rate.

18. Explain the difference between an actual rate of return and an expected rate of return.

7. Explain the concept of market efficiency.