Which one of the following statements concerning market efficiency is correct?

	Investors will generally receive a fair price when they sell shares of stock.
	New information will gradually be reflected in a stock's price to avoid any sudden change in the price of the stock.
	In a strong-form efficient market, some market participants will have an advantage over others.
	Real asset that are infrequently bought and sold (e.g., real estate, timber) are more efficient than financial assets (e.g. stock, bonds) that are heavily traded.
	None of the above.

Which of the following statements regarding market efficiency is correct?

	Semi-strong form of efficiency means security prices only reflect information found in past prices.
	If the market is strong form efficient, you cannot make abnormal returns using insider information.
	Test of serial correlation of returns is used to test the semi-strong form of market efficiency.
	In an efficient market all investors are rational
	None of the above.

You want to estimate the value per share of a corporation using a DCF approach and the following data: Debt: $50 million; Cash: $40 million; Shares Outstanding: 30 million; the year 1 FCF is expected to be $10 million and it is expected to grow at the rate of 10% until year 3 (so two years of 10% growth) and then to decrease at a rate of 5% for two more years and grow at 3% after year 5. If the discount rate is 9%, what is the price per share today?

	4.83
	5.16
	5.48
	6.23
	None of the above

Suppose you have multiple loans outstanding and you are deciding which to pay off first. To save money you should first pay the loan with the:

	the highest annual percentage rate
	the lowest effective annual rate
	the lowest number of compounding periods per year
	the highest effective annual rate
	None of the above

please help me to solve these four questions, thank u!!!