An investor who believes in the strong form of the efficient market hypothesis will reach which of the following conclusions about the arbitrage pricing theory (APT)?

APT allows an investor to refine the capital asset pricing model to generate more accurate total return projections. An investor cannot consistently use APT to achieve superior results. No investor can benefit from APT unless fundamental analysis is used to develop a required return before applying APT principles. An investor using APT to adjust required returns for inflation and industrial production growth can achieve superior results.