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3. What is the function of CAPM. Suppose the risk-free rate is 5 percent and the expected return on the market portfolio is 11 percent. If a company has a beta of 1.2, what is the stock's required rate of return? Please list the calculation process and then give out the final results. (5 credits) 1. What is the total present value of the following series of cash flows, discounted at 10 percent? Please list the calculation process of each year and then give out the final results. (5 credits) End of year Cash flow 1 $1,000 2 1,000 3 -2,000 4 3,000