b) Mickel is an investor who is planning to invest in the equity market. As an investment analyst for this client, you are required to advice the investor on whether he can construct a riskless arbitrage portfolio or not for the three different stocks shown below. Assume that the zero-beta return is 3%, and the risk premium for GDP and exchange rate are 6% and 8%, respectively. Support your answer by shown the calculation for the three conditions of the riskless arbitrage portfolio. (15 marks) Stock Name Current Stock price Expected dividend Actual price factor loading factor loading during year one at the end of for GDP for Exchange Rate year 1 10 1 11 1.9 1.2 Y 8 0.35 9 -0.44 0.8 Z 9 0.25 10 0.95 -0.3