$.$ Identify the true statement about the international CAPM $($InCAPM$)$:

a$.$ The InCAPM model simply replaces the local market index by the

S&P $500$ index.

b$.$ The InCAPM model simply adds the currency risk factors to the

standard $($local$)$ CAPM that uses the home country market index

as a benchmark.

c$.$ The InCAPM should be used to evaluate international projects in

integrated market.

d$.$ The InCAPM includes in the model a factor that accounts for

political risk.

e$.$ None of the above.