Question 19 (15 points) State whether each of the following is inconsistent with the CAPM: i) A security with only diversifiable risk has an expected return that exceeds the risk-free interest rate. ii) A security with a beta of 1 had a return last year of 15% when the market had a return of 9%. iii) Small stocks with a beta of 1.5 tend to have higher returns on average than large stocks with a beta of 1.5