6. Who is a fiduciary? Can fiduciary responsibility be shifted or delegated? Explain with examples. Why do professional services have licensing exams? 7. What is the difference between a fiduciary and a 'suitable standard of care in professional services? What is the standard of care you are likely to get from the financial services industry in Canada? 8. Why do we discount the future in valuing investments today that are expected to provide returns in the future? Explain with examples. 9. Define & explain Annual Percentage Rate (APR) & the Effective Annual Rate (EAR). What is the relationship between APR & EAR? 10. The discounting of the future is assumed to be exponential. What does behavioral finance have to say about this assumption? What is hyperbolic discounting