31) You are an analyst for a stock valuation firm and are tasked with evaluating the Really Awesome Cookies company (RAC). Through your analysis of the financial statements as well as your extensive knowledge of the firms future prospects you determine that the expected return for RAC stock is 18% over the next year. Alternatively, you observe that, according to CAPM, the required rate of return for the riskiness of RAC is 15%. Judging only by the information for RAC presented here, is the market efficient?