Question 5 a) How can economies of scale help explain the existence of financial intermediaries? (4 Marks) b) How can a sharp rise in interest rates provoke a financial crisis? (4 Marks) c) "The invention of the computer is the major factor behind the decline of the banking industry." Is this statement true, false, or uncertain? Explain your answer. (6 Marks) d) Distinguish between an open and closed-end mutual fund. (2 Marks) e) Why have private pension plans grown rapidly in recent years? (2 Marks) f) Is it better for a security issue to be fully subscribed or oversubscribed? (2 Marks)