Question 3 (24 marks) Henderson and company is the managing investment dealer for a major new underwriting. The prices of the stock to various participants are listed below. Investment dealer $ 16.00 Other syndicate members $ 16.35 Selected dealer group $ 16.80 Brokers 17.20 Public 17.70 Required a. If Henderson and Company sell its shares to the dealer group, what will be the percentage return? b. if one of the other syndicate members performs the dealers' function also and sells to brokers, what will be its percentage return? c. If Henderson and Company fully integrates its operations and sells directly to the public, what will be its percentage return? d. Why might Henderson and Company not want to do this