If the financial markets are semistrong form efficient, then:
a only the most talented analysts can determine the true value of a security.
b. only individuals with private information have a marketplace advantage.
c. technical analysis provides the best tool to use to gain a marketplace advantage.
d. no one individual has an advantage in the marketplace.
e every security offers the same rate of return.

Tri fecta, a partnership, had revenues of $369,000 in its first year of operations. the partnership has not collected on $45,000 of its sales and still owes $39,500 on $155,000 of merchandise it purchased. there was no inventory on hand at the end of the year. the partnership paid $27,000 in salaries. the partners invested $48,000 in the business and $23,000 was borrowed on a five-year note. the partnership paid $2,070 in interest that was the amount owed for the year and paid $9,500 for a two-year insurance policy on the first day of business. compute net income for the first year for tri fecta.