5. When comparing the ROAS and ROES, we concluded that the ROE > ROA as long as the ROA was greater than the average interest rate on the debt used to finance an investment. Please explain these finding and provide an example on these results. Refer to the fundamental rates of return identity when formulating your answer. 6. Provide numerical PV models in which you find an investment's IRR and NPVS using ROA-IRR and ROE-IRR, AE, maximum bid price, and the in- vestment's payback period. Defend your choice of a discount rate. 7. Explain how the "life of the investment" principle guarantees that all eco- nomic activity associated with an investment will be captured by its cash flow. 8. Most of the time, we don't identify discount rates in PV models as being either a ROE or a ROA. Instead we seem to prefer to identify the defender's ROA with the letter "r". Why do we tend to prefer ROA to ROE measures? describe a case when it would be important to evaluate the proj- Can you ects using the defender's ROE instead of its ROA