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Question 3 a) What is the similarity between the internal rate of return of a project and the yield-to-maturity of a bond? b) "If a stock had high returns so far, it will have low retums in the future". Discuss whether this statement is true or false, based on the knowledge of the different theories and models out there. c) A salt sprinkler manufacturer considers making an investment in a ball-point pen factory. Explain how you would evaluate this investment project and discuss the appropriate discount rate to use. d) Explain how you could earn a positive return by following a momentum strategy