3) Which of the following investors in the derivatives market may find that the contract they have entered into is a liability at expiry? I Buyer of a call option II Writer of a put option III Buyer of a put option A. I only B. Il only C. III only D. I and III [4 marks] 4) Which of the following statements is always true of factoring? I The factor will make payment to the client as soon as the debt is collected. II A factoring arrangement can be recourse or non-recourse. III Factoring is the sale of debts to a factor at a discount. A. I, II and III B. Il only C. I and II only D. II and III only [4 marks]