23. Continuing with the previous question, what's the return on this investment if the price of IBM is 120 or 40, respectively? 1) 100%, -100% 2) 700%, -100% 3) 50%, -50% 4) none of the above 24. The expected return of a portfolio is 15% and its beta is 1.2. The T-bill rate is 5% and the S&P 500 index expected return is 15%. According to CAPM, the alpha of this portfolio is and this portfolio is 1) positive, overvalued 2) negative, overvalued 3) positive, undervalued 4) negative undervalued 5) 0, fairly valued