When observing an upward sloping yield curve, analyst Mary argues that the short$-$term interest rate is going to rise in the near future. While analyst Tommy disagree with her and believe this only reflects different levels of supply and demand for short$-$term and long$-$term funds. Which of the following choices are correct?

I$)$ Mary believes in the expectations theory

II$)$ Mary believes in the liquidity preference theory

III$)$ Mary believes in the market segmentation theory

IV$)$ Tommy believes in the expectations theory

V$)$ Tommy believes in the liquidity preference theory

VI$)$ Tommy believes in the market segmentation theory