Make-up Assignment 4227/7224This assignment can be used to replace a missing grade, or to replace the lowest grade you have received on one of the regular assignments (1 through 4).The maximum number of points for this assignment is 5.Problem:You have just been hired by OYHGroup, a firm specializing in analyzing costsof transactions. Your first project is to evaluate the tradingcosts for OPERA, a pension fund with $5billion under management. OPERA fund hasa US large-cap valuemandate,and the fund prides itself in very low turnover. When the Portfolio Manager (PM) releases orders to executing brokers, they are day orders. The OPERAfund currently uses two executing brokers, Betterand Best. Summary information for this quarter's trades is provided below. Clearly state any additional assumptions that you wish to make to answer a.and b. below. Better:StockB / SSharesPrice atPM decisionon day 1Price atbroker releaseClosing price on day of trade completionClosing price onday 10Com-mission per shareTrade priceABCB10,000$22.05$22.30$22.25$22.25$0.03$22.40XYZS100,000$54.09$54.05$53.90$52.90$0.03$53.80Best:StockB / SSharesPrice atPM decisionon day 1Price atbroker releaseClosing price on day of trade completionClosing price on day 10Com-missionTrade priceABCB10,000$22.05$22.40$43.85$22.25$0.05$22.35XYZS100,000$54.09$54.00$53.90$52.90$0.05$53.80a.First define the commission costs, market impact cost, and delay cost.Commission costs=Market impact costs=Delay costs=Then calculate these transactions cost components as a percentage of the PM decision price for each order: StockCommission costMarket impact costDelay costTotal costBetter:ABCBetter:XYZBest: ABCBest: XYZb.Is Best betterthan Better? Explain.

a. First define the commission costs, market impact cost, and delay cost.Commission costs=Market impact costs=Delay costs=