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The security market line (SML) equation or CAPM can be used to find the fair return on which of the following securities? Individual stocks Mutual

The security market line (SML) equation or CAPM can be used to find the fair return on which of the following securities?

Individual stocks

Mutual funds and ETFs

Efficient portfolios which include market portfolio

Individual stocks, efficient portfolios, and non-efficient portfolios.

None of the above

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