This question asks you to think about how shorting a stock makes money. Suppose you know that an asset, say "TVIX", will have the following path for prices. Time Price Start $1,790 End of Year 1 $623 End of Year 2 $212 End of Year 3 $280 You construct a long position between the start and the end of year I as follows. You purchase 1 share of TVIX today at its current market price. At the end of Year 1, you sell that share. a) What are your cash flows from this investment? What returns do you get from following this strategy between today and the end of year 1? b) Repeat part (a) for an investment starting at the end of year I and ending at the end of year 2, and an investment starting at the end of year 2 and ending at the end of year 3. You construct a short position between the start and the end of year 1 as follows. On the starting date, you borrow 1 share of TVIX from your broker, promising to return the I share to the broker at the end of Year 1. You immediately sell the share on the market for its price as of this date to a buyer. At the end of Year 1, you buy 1 share on the market for its price as of the end of Year 1, then return the share you just purchased to your broker. c) What are your cash flows from this investment? What returns do you get from following this strategy between today and the end of year 1? (Note: the returns on the short positions are calculated by dividing the total dollar gain for loss) by the initial price you receive from selling the share.) d) Repeat part (e) for an investment starting at the end of year 1 and ending at the end of year 2, and an investment starting at the end of year 2 and ending at the end of year 3