Instruction: - The solution to each question should include detailed calculation steps and (or) explain why you choose that answer. No any step means ZERO point.

3. Here is some price information on Fincorp stock. Suppose first that Fincorp trades in a dealer market.

Bid	Asked
55.25	55.50

a. Suppose you have submitted an order to your broker to buy at market. At what price will your trade be executed?

b. Suppose you have submitted an order to sell at market. At what price will your trade be executed?

c. Suppose an investor has submitted a limit order to sell at $55.40. What will happen?

d. Suppose another investor has submitted a limit order to buy at $55.40. What will happen?