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4. SMS Ltd is listed on the ASX and has 5,000 shares outstanding that are currently trading at $20 each. It is an all equity

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4. SMS Ltd is listed on the ASX and has 5,000 shares outstanding that are currently trading at $20 each. It is an all equity firm. SMS has four independent business ventures under consideration, all with a risk level requiring a return of 10% pa. IRR 8.3% Venture w Venture X Venture Y Venture Z NPV @ 10% -$3,456 $7,300 $1,400 $6,500 14.7% 19.3% (a) Which is the best business venture and why? (b) What is the effect on share price if all valuable ventures are accepted

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