Which of the following will have the lowest CAPM beta:

A$.$ a firm with low operating leverage and a debt$-$asset ratio of $0\mathrm{.}4$ operating in a high cycle industry.

B$.$ a firm with low operating leverage and a debt$-$equity ratio of $0\mathrm{.}4$ operating in a low cycle

industry.

C$.$ a firm with low operating leverage and a debt$-$asset ratio of $0\mathrm{.}4$ operating in a low cycle industry.

D$.$ a firm with high operating leverage and a debt$-$asset ratio of $0\mathrm{.}4$ operating in a high cycle industry.

E$.$ a firm with high operating leverage and a debt$-$equity ratio of $2/3$ operating in a high cycle industry.