Question 4 a) What are the net proceeds from the sale of a bond? What are flotation costs, and how do they affect a bond's net proceeds? (10 marks) b) Identify and describe the shortcomings of the use of payback period (without discounting) to evaluate a proposed investment. (5 marks) c) What are sunk costs and opportunity costs? Discuss whether sunk costs and opportunity costs are relevant for capital budgeting