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3. Which of the following statement(s) is/are true? I. The risk premium of any marketable security can be written as the sum of the risk

3. Which of the following statement(s) is/are true? I. The risk premium of any marketable security can be written as the sum of the risk premium of each factor multiplied by the beta associated with that factor. II. The factor betas measure the sensitivity of the stock to a particular factor. III. If we use more than one portfolio as factors, then together these factors will capture systematic risk, but each factor captures different components of the systematic risk.

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