Short Questions 1. Describe the condition for stock market efficiency. Can an investor "beat the market" if the market is efficient? 2. Nemo is considering buying a cell phone. He can either pay $600 now or make 12 equal monthly payments of $50. Which option would you suggest him? Why? 3. My grandfather is giving me an option to choose between two discount bonds. Both have the same coupon rate and required rate of return. However, one pays coupon annually and the other pays coupon semiannually. Which one would you suggest me to choose? Why? 4. Is it possible to build a risk-free portfolio using risky assets? If yes, how? If no, why not? 5. Compare NPV and IRR. Which one is better