The upcoming Liability Trading 3 (LT3) case involves accepting or rejecting a series of institutional orders. Suppose that you will accept an institutional sell (buy) order if, following the acceptance of the order, you can instantly place a market order to sell (buy) 80% of those shares at a volume-weighted average price that is greater (less) than the price of the institutional sell (buy) order. Assume the following limit order book for parts (a) and (b) of this question. Like the "Book Trader" from the RIT Client, the best bid price is found at the top of the bid side of the limit order book, and the best ask price is found at the top of the ask side of the limit order book: Bid Price Bid Quantity Ask Price Ask Quantity $9.98 10,000 $10.02 15,000 $9.97 12,000 $10.03 15,000 $9.92 30,000 $10.06 13,000 $9.90 12,000 $10.15 10,000 

a) An institution wants to sell 60,000 shares to you at a price of $9.95 per share. Calculate the VWAP of immediately selling 80% of this 60,000 share order. Will you accept the order? Explain. 

b) An institution wants to buy 50,000 shares from you at a price of $10.04 per share