QUESTION $1(25$ MARKS$)$ a$)$ While the capital asset pricing model $($CAPM$)$ has been widely used to analyze securities and manage portfolios for the past $50$ years, it has also been widely criticized as providing too simple a view of risk. Describe SIX $(6)$ problems in relation to the definition and estimation of the beta measure in the CAPM that would support this criticism. $(18$ Marks$)$ b$)$ A stock is estimated to have a covariance with the market of $0\mathrm{.}45.$ For the coming period, the market expected return is $10\%,$ the market variance is $0\mathrm{.}60$ and the market risk$-$premium is $5\%.$ If the stock is currently trading at RM$2\mathrm{.}00,$ use to CAPM to calculate the future price of the stock at the end of the period. $(7$ marks$)$