You have the following return distributions for Stock X and the market portfolio. Return on X Economic State Deep Recession Probability 0.1 Return on Market -15% -50% Mild Recession 0.3 -5% -10% 0.4 10% 30% Mild Expansion Boom 0.2 30% 40% a. Based on the CAPM, what is Stock X's beta? (8 marks) b. If the CAPM required rate of return on X is the same as its expected return based on the distribution above, what is the risk-free rate? (3 marks) c. Based on the return distribution of the market portfolio and the risk-free rate calculated, write down the equation for the Capital Market Line. (3 marks) d. Do you expect individual stocks to be on the Capital Market Line in part c)? Why or why not? Briefly explain