One a. Clearly distinguish with the aid of appropriate formulae and reasonable underpinnings between the Arbitrage Pricing Theory (APT) and the Price Earnings Ratio as financial assets valuation tools. b. How does the basic Price Earnings Ratio differ with the Price Earnings Ratio used in practice which utilizes accounting income? c. Why should high-beta assets have a higher expected return than low-beta assets? d. A retiree has just received his terminal benefits worth K350, 000 and is considering investing in a hatchery business to meet the day old chick demand in Zambia. The retiree knows the expected net cash flows for the project, but they are risky as day old chick prices could rise or fall in the future. How would the CAPM help you select a discount rate for a Net Present Value calculation? e. State and Explain concisely factors that affects the Current Account of the Balance of Payment. f. Annotate the following concept "Below the line Items" of the Balance of Payment