The table below provides the end-of-year share prices (in pence) for Vodafone Group Plc and BT Group Plc and the end-of-year values for the FTSE 100 Index, which is a proxy for the Market Portfolio, M. YEAR Vodafone Group Plc BT Group PIC Market Portfolio, M 2003 43.9 2004 46.6 2005 43.9 2006 47.2 2007 67.4 2008 54.6 2009 63.3 2010 81.1 2011 97.1 2012 93.0 2013 156.6 2014 148.7 2015 154.9 2016 147.9 2017 184.4 2018 129.8 2019 132.3 2020 112.8 Source: Yahoo! Finance. 87.9 99.2 114.2 162.7 152.1 81.7 85.5 120.2 132.5 166.8 282.8 308.2 368.8 296.6 230.3 214.9 188.0 132.3 4476.9 4814.3 5618.8 6220.8 6456.9 4434.2 5412.9 5899.9 5572.3 5897.8 6749.1 6566.1 6242.3 7142.8 7687.8 6728.1 7542.4 6450.5 Required: (a) Calculate the systematic risk (B? xom), the non-systematic risk (0) -(B} xom) and the total risk (6) of the equity shares of Vodafone Group and BT Group. (b) Which company's returns are better explained by the market's returns? (C) Suppose the market is in equilibrium. Assuming the risk-free interest rate of 0.85% per annum, calculate the expected equilibrium risk-premium for each of the two shares. Comment on the results