4. What is internal rate of return (IRR)? List and briefly discuss the advantages and disadvantages of the IRR rule in the decision making of the capital budgeting. (10 points)

6. The following is the real time trading data of Apple In(C) options on January 12th, 2021. The expiration date of the following contracts is January 15th, 2021. The market price of Apple In(C) is 129.0. Please list the contract names which are in-the-money, at-the-money, and out-of-the-money respectively. (10 points)