a) Explain why preference shares are considered hybrid capital ( 4marks) b) Distinquished between the following: i. Present value interest factor and Present value interest factor of annuity (3marks) ii. Ordinary annuity and annuity due ( 3marks) c) Enyonams capital is three times more than Elikplimes capital. Elikplime invested her capital at 25% per annum for 3 years (compounded semi-annually). At what rate percent p.a. simple interest should Enyonam invest her capital so that after 3 years, they both have the same amount of capital? ( 3 marks) d) What value of rate (r ) and period ( n ) should be used in time value of money calculations? i. if 15% interest is paid on a deposit account, compounded quarterly, for 15 years (2marks) ii. If 15% interest is charged on a credit card balance, compounded monthly, for 15 years.(2marks) e) Explain financial market and discuss the different types of financial markets.