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3. Melco Pty Ltd. wants to raise external funds in order to expand its business. Melco has looked into bonds and shares but cannot decide

3. Melco Pty Ltd. wants to raise external funds in order to expand its business. Melco has looked into bonds and shares but cannot decide on which one to choose. Given that Melco would like to use the cheapest form of financing available, advise Melco on whether to issue shares or bonds and explain your choice.

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