Which of the following is true?

I. The Single Index Model implies that the CAPM holds

II. Most empirical evidence accepts the CAPMs validity

III. The CAPM implies that any cap-weighted portfolio such as the S&P500 can be used as the market portfolioII. Most empirical evidence accepts the CAPMs validity

Select one

a. Only I

b. Only II

c. Only III

d. Only I and III