Which of the following are advantages to being a shareholder in equities:

1. The expected returns for equities are higher than debt securities.

2. Equities have prices listed on major exchanges and are marketable.

3. Equities typically earn their expected return.

4. Equities that do not pay a dividend are tax efficient.

   a. 1 and 3. b. 2 and 4. c. 1, 2, and 4. d. 1, 2, 3, and 4.