3. (25 points total) Suppose Portfolio A has an expected return of 25% and a Beta of 1.5, while the return to market index and the risk-free rate are 15% and 5% respectively. a. points) Draw the securities market line (SML) and plot the return of portfolio A on the SML graph. What should the return to Portfolio A be given its Beta? Show your calculations to receive any partial credit. b. (8 points) Based on your answer in (a), is the market for this portfolio efficient? Why or why not? c. (8 points) Suppose you also observe that the past performance of portfolio A can also predict the future performance of portfolio A. Which version of the efficient market hypothesis (EMH) will be violated, and why?