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Do Treasury Bills have volatility or systematic risk? What is the difference between common risk (a.k.a. systematic risk) and independent risk (a.k.a. unsystematic risk) Why

Do Treasury Bills have volatility or systematic risk? What is the difference between common risk (a.k.a. systematic risk) and independent risk (a.k.a. unsystematic risk) Why does common risk (a.k.a. systematic risk) affect all securities while independent risk (a.k.a. unsystematic risk) is unique to each firm and cannot be diversified away?

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