True or False

(i) A 5 by 5 one-period market with one risky and one riskless asset, is always complete. (ii) There is a 2 by 2 one-period market which is complete but not arbitrage free. (iii) The Binomial model of 5 periods for one risky asset and a money market can price and hedge a future derivative on the risky asset. (iv) If a contingency claim V in a 4 endstates Binomial model can be dynamically hedged then its risk-neutral price is given by Vo = (1+r) Eq[V]. (v) A Martingale stochastic process is also a Markov process