A firm is considering the following independent projects.  The total amount of capital available for investment is $428.

Project	Investment	Present value of future cash flows	NPV	P.I.
A	$156	$212	$56	1.36
B	$199	$227	$28	1.14
C	$160	$248	$88	1.55
D	$191	$236	$45	1.24
E	$105	$153	$48	1.46

Which projects should the firm accept?

Which of the following would be evidence that the market is not semi-strong-form efficient?

Select one:

a. Mechanical trading rules consistently outperform a "buy and hold" strategy.

b. Analysis of publicly available information enables mispriced securities to be consistently identified.

c. Investors with private information are able to buy or sell shares prior to the release of the information, and consistently achieve an abnormal return.

d. Both (a) and (b).