20. Which one is incorrect argument? 1. An empirical version of CAPM is market model- 2. Beta is a measure of systematic risk 3. Beta measures the volatility of a particular investment relative to the market or its benchmark as a whole. 4. Alpha measures the passive return of the investment compared to the market benchmark return. 21. Which one is appropriate explanation for Sorting ratio maximization criteria?( 1. This portfolio optimization strategy finds the portfolio with the maximum expected value of the logarithm of wealth. This portfolio optimization strategy maximizes the expected geometric growth 3. This portfolio penalizes for returns falling below the target return. 4. This portfolio uses volatility of active return. 22. I invested 100 $ four years ago and the investment became 400$ what is the CAGR? ( 14 23. Market volatility is 15%, Portfolio volatility is 20%, and the correlation between Market and Portfolio return is -0.3, what is beta?( ) 4