Consider the data in Table $1,$ which shows the relevant data for the stocks of six firms:

GE$,$ Apple, Bank of America, Exxon, Pfizer, and Home Depot. $R^F$ is the risk$-$free rate

and $\frac{p}{p_s}$ is the growth rate of the stock price. Additionally, the table has the actual

market price of each stock $(p_M)$ as of September $2016.$

TABLE $1$: Relevant Stock Data

$($a$)$ Write down the stock price arbitrage equation.

$($b$)$ Use the stock price arbitrage equation to calculate the no$-$arbitrage price of each

stock.

$($c$)$ Given your answer in part $($a$),$ should you buy the stock or put the money into a

safe asset? Explain.