Question 4 (5 marks) a. Below are the real data of the stock GME and the Bitcoin over a 5-day period. William would like you to help him calculate the 4-day average Amihud illiquidity measure in billions. What conclusion you could obtain after calculating the Amihud measure? Assume volume is the dollar trading volume. (3 marks) GME Adj close price High Low Close price $ Volume Date Open 15/03/2021 277.51999 283 206 220.139999 220.14 24100400 16/03/2021 203.16 220.7 172.35 208.169998 208.17 35241900 17/03/2021 217.84 231.47 204 209.809998 209.81 16259300 18/03/2021 214 218.88 195.65 211.75 201.75 11764900 19/03/2021 195.73 227 182.66 200.270004 200.27 24552100 Bitcoin Adj Close Date Low Close price $ Volume Open High 59267.43 60540.99 15/03/2021 55393.16 55907.1992 55907.2 66419369890 16/03/2021 55840.785 56833.18 53555.03 56804.9023 56804.9 59749798599 17/03/2021 56825.828 58969.82 54528.63 58850.2945 58870.89 60258313191 18/03/2021 58893.078 60116.25 54253.58 57858.9219 57858.92 55746041000 19/03/2021 57850.441 59498.38 56643.7 58346.6523 58346.65 49063873786 b. Assuming that every 10 minutes there will be a new block on the blockchain and you will be rewarded 50 bitcoins in the first 4 years after you solving the math problem. Your reward will be 25 bitcoins in the second 4-year period if you create a new block, and the reward will be reduced by half every 4 years. The starting year of Bitcoin mining is 2009. William would like to know the number of Bitcoin still remained starting from the year 2021. (2 Marks) Question 4 (5 marks) a. Below are the real data of the stock GME and the Bitcoin over a 5-day period. William would like you to help him calculate the 4-day average Amihud illiquidity measure in billions. What conclusion you could obtain after calculating the Amihud measure? Assume volume is the dollar trading volume. (3 marks) GME Adj close price High Low Close price $ Volume Date Open 15/03/2021 277.51999 283 206 220.139999 220.14 24100400 16/03/2021 203.16 220.7 172.35 208.169998 208.17 35241900 17/03/2021 217.84 231.47 204 209.809998 209.81 16259300 18/03/2021 214 218.88 195.65 211.75 201.75 11764900 19/03/2021 195.73 227 182.66 200.270004 200.27 24552100 Bitcoin Adj Close Date Low Close price $ Volume Open High 59267.43 60540.99 15/03/2021 55393.16 55907.1992 55907.2 66419369890 16/03/2021 55840.785 56833.18 53555.03 56804.9023 56804.9 59749798599 17/03/2021 56825.828 58969.82 54528.63 58850.2945 58870.89 60258313191 18/03/2021 58893.078 60116.25 54253.58 57858.9219 57858.92 55746041000 19/03/2021 57850.441 59498.38 56643.7 58346.6523 58346.65 49063873786 b. Assuming that every 10 minutes there will be a new block on the blockchain and you will be rewarded 50 bitcoins in the first 4 years after you solving the math problem. Your reward will be 25 bitcoins in the second 4-year period if you create a new block, and the reward will be reduced by half every 4 years. The starting year of Bitcoin mining is 2009. William would like to know the number of Bitcoin still remained starting from the year 2021. (2 Marks)