Portfolios A and B are two well-diversified portfolios. Portfolio A has an alpha of 3% and beta of 1.3 while Portfolio B has an alpha of 1%. Using Arbitrage Pricing Theory, answer the following questions: a) If there are no arbitrage opportunities, what is the beta of portfolio B? b) Now depending on your choice, assign a beta to portfolio B, which is not equal to the beta that you calculated in part a). Then show that there is an arbitrage opportunity and define your arbitrage strategy.