Two investment advisers are comparing performance. One averaged a $19\%$ rate of return and the other a $16\%$ rate of return. However, the beta of the first investor was $1\mathrm{.}5,$ whereas that of the second investor was $1.$

a$.$ Can you tell which investor was a better selector of individual stocks $($aside from the issue of general movements in the market$)?$

multiple choice $1$

First investor

Second investor

Cannot determine

b$.$ If the T$-$bill rate was $6\%$ and the market return during the period was $14\%,$ which investor would be considered the superior stock selector?

multiple choice $2$

First investor

Second investor

Cannot determine

c$.$ What if the T$-$bill rate was $3\%$ and the market return was $15\%?$

multiple choice $3$

First investor

Second investor

Cannot determine