QUESTION THREE a) Explain how securities firms differ from investment banks. In what ways are they financial intermediaries? [10 marks] b) An investment bank pays 23.50 per share for 4 million shares of JCN Company. It then sells those shares to the public for 25 per share. i. How much money does JCN receives? ii. What is the profit to the investment bank? iii. What is the stock price of JCN? [15 marks] c) Critically analyse how the revenues of investment banks evolve during the Covid19 pandemic and which of their activities drive the trends. [10 marks] d) What are the advantages and disadvantages to a new or small firm of getting capital funding from a venture capital firm? [15 marks] [TOTAL: 50 MARKS]