A. Suppose you are working as a consultant at RWE Investment Bank. Tulip Turner, CFO from TFK Timber Corporation, is looking for a medium-sized loan for TFK with long term to maturity that has a low liquidity and lower cost of fund. Tulip would also like the loan to have the ability to negotiate changes to the contract terms. Discuss which of the following types of debt would be the most appropriate for TFK Timber: [3 marks] (i) Public bond (ii) Private placement (iii) Bank term loa.