a) After winning a lottery with a prize of 50,000.00, you have decided to invest that money in equity securities. However, you were warned by your friends about the possible risk of equity investment. How would you define the risk in equity investment? Discuss the possible sources of risk that you should be aware of before making such an investment. (40 Marks) b) Assume that one of your friends is planning to make an investment in equities. He is thinking of making the investment decision by himself considering that the market where he is investing is an efficient market. When you suggested to him to consult a portfolio manager, he answered that the payment of commission would be a waste of money because he believes that in an efficient market, nobody can beat the market. Do you agree with this view to not consult a portfolio manager while investing in an efficient market? Explain your answer. (20 Marks) c) Briefly explain the reasons for the development of risk management practice