According to the efficient market hypothesis, which of the following apply to an efficient capital market?

I. All securities provide the same positive rate of return when the market is efficient.

II. All securities in an efficient market are positive net present value investments.

III. All securities in an efficient market are zero net present value investments.

IV. Past patterns in prices can be used to predict future price changes.

V. Securities are fairly priced with respect to all available relevant information.

	A.	I and II
	B.	II and IV
	C.	I, II, and IV
	D.	II and V
	E.	III and V