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Please complete the sentence. If the excess return of the S&P 500 is 18 and the ratio excess return over beta for the firm CAL

Please complete the sentence.

If the excess return of the S&P 500 is 18 and the ratio excess return over beta for the firm CAL is 23, then ________ .

Select one:

a.It cannot be determined

b.CAL is fairly priced

c.CAL is underpriced

d.CAL is overpriced

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