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3. Consider equity valuation models, for which of the following cases a dividend discount model is the most appropriate? [3] (a) A company issued IPO three years ago and sometimes pay dividends. (b) A company issued IPO three years ago and pay dividends every year. (c) A company issued IPO twenty years ago and sometimes pay dividends. (d) A company issued IPO twenty years ago and pay dividends every year. 4. Which of the following statements describes the security market line (SML)? (a) It is a concave curve. (b) It is a convex curve. (c) It is monotonic increasing and linear. (d) It is monotonic decreasing and linear. [3]