Assume that you recently graduated with a degree in finance and have just reported to work as an investment adviser at the brokerage firm of Smyth Barry & Co. Your first assignment is to explain the nature of the U.S. financial markets to Michelle Varma, a professional tennis player who recently came to the United States from Mexico. Varma is a highly ranked tennis player who expects to invest substantial amounts of money through Smyth Barry. She is very bright; therefore, she would like to understand in general terms what will happen to her money. Your boss has developed the following questions that you must use to explain the U.S. financial system to Varma. a) Differentiate between the following types of markets: physical asset markets versus financial asset markets, spot markets versus futures markets, and money markets versus capital markets ? b) If Apple decided to issue additional common stock, and Varma purchased 100 shares of this stock from Smyth Barry, the underwriter, would this transaction be a primary or a secondary market transaction? Justify your answer. c) Would it make a difference if Varma purchased previously outstanding Apple stock in the dealer market? Justify