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? What is the stock price of JCN? [15 marks] 111. 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]