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2. What does it mean for a financial market to be consideredinformationally efficient and economically efficient ?3. Do you think investors can earn abnormal returns in financialmarkets that are at least semi strong form efficient ?5. What economic functions do financial intermediariesperform?9.EC needs $141 million to support future growth. If it issuescommon stop to raise the needed funds EC must pay its investmentbanker 6% of the issues total value . If EC can issue common stockat a market price of $80 per share, how many shares must be issuedso that the company has $141 million after flotation costs to fundthe planned growth?10. JRC must raise $240 million to support operations. To do so,JRC plans to issue new bonds. Investment bankers have informed JRCthat the flotation costs will be 4% of the total amount issued. Ifthe market value of each bond is $1,000, how many bonds must JRCsell to net $240 million after flotation costs? Assume thefractions of bonds cannot be issued.