For questions 22-23: Use data in the table below: Factor Factor Beta Factor Risk Premium Inflation 1.2 5.0% Industrial production 1.1 8.0% Oil prices 0.8 6.0% 22. T-bills are currently yielding 5%. A stock's returns can be explained by a multifactor Arbitrage Pricing Theory (APT) model with parameters shown in the table above. When the market views the stock as fairly priced, its APT expected rate of return is: A) 6.3% B) 19.6% C) 24.6% D) 30.6% E) Cannot be determined using the data provided 23. The actual risk premia for the APT model parameters differ from their expected values as follows: Factor Expected Value Actual Value Inflation 5.0% 3.0% Industrial production 8.0% 7.0% Oil prices 6.0% 5.0% The stock's APT expected rate of return must be adjusted to reflect the parameter actual values by: A) -4.3% B) -4.0% C) +4.0% D) +4.3% E) Cannot be determined using the data provided