A stock is said to be $\_\_\_\_\_\_\_\_\_\_\_$ under the following circumstance: the stock has a higher required return $($according to the CAPM$),$ than the return an investor could earn by paying the current stock price $[$and experiencing the cash flows that ownership of the stock produces$].$

Group of answer choices

a$)$ Over$-$valued

b$)$ Under$-$valued

c$)$ Fairly$-$valued