annualized performance data regarding the freedelity fund that the market over the past 10 years is follows:

freedelity fund return= 12%

freedelity fund beta=1.35

s&p 500 return = 10%

Risk free rate = 3%

which of the following best describes the situation? please explain why

a. the freedelity fund added value since the funds return exceeded that of the s&p 500 by 2% per year

b. the freedelity fund under performed the market after adjusting for systematic risk

c. the funds results over the past 10 years provide conclusive evidence that markets are semi strong efficient

d. all statements accurately reflect this situation

e. the freedelity funds CAPM alpha was 0.45% per year