Financial securities A, B and C are available in a brokers portfolio. Security A is a bond with a coupon rate of 8% and pays semiannual coupons. The par value is GHC 1,000, and the bond has six years to maturity. The yield to maturity is 9%. Security B is a stock whose dividend is expected to increase by 12% in one year and by 15% in two years. After that, dividends will increase at a rate of 7% per year indefinitely. The last dividend was GHC 100 and the required return is 20%. Security C is an annuity which requires one to deposit GHC 50 at the end of each month for four (4) years earning 8% compounded monthly. a. What is the price of these three financial securities? b. Based on what would any investor choose to buy bonds over stock?