i) Differentiate the key differences between debt and equity?

ii) What general procedures must a private firm follow to go public via an initial

public offering (IPO), where an investment banker plays a crucial role in a public

offering?

iii) The common stock of Denis and Denis Research, Inc., trades for $80 per

share. Investors expect the company to pay a $3.90 dividend next year, and

they expect that dividend to grow at a constant rate forever. If investors

require a 12% return on this stock, what is the dividend growth rate that they

are anticipating?