(a) You are asked to price the following bonds to be issued by Company X. Appraise which bond should have a lower yield-to-maturity (YTM) and provide a simple explanation given that all else are equal. (10 marks) (b) Your client is holding the following securities in his portfolio. (i) Explain why he would hold Portfolio E. (10 marks) (ii) If you expect the stock market to rise strongly in the coming weeks, which stocks would you recommend your client to hold more of. Indicate your reasoning. (12 marks) (c) You are confronted with the following choice - to invest in Security A or B. One of these securities is undervalued. If both securities have the same return, which would you invest in? Explain, using your knowledge of the Capital Asset Pricing Model (without any calculation)